The Belgian real estate company Aedifica and the Spanish senior citizen home operator Neurocare Home have joined forces to build nursing homes in Spain.
Aedifica plans to invest in a series of new centres, developed by Neurocare Home, which will also be responsible for the operation of the residences once completed. Both companies expect to build a portfolio of around 1,000 places for approximately 75 million euros.
In the first phase, up to five new development projects are expected to be launched over the coming year in Andalusia, Madrid and Castilla y León. Aedifica has already acquired land in the region of Castilla y León.
The residences will be leased on a 30-year triple-net new irrevocable lease, indexed annually to the CPI. Initial yields are expected to reach 5.5%.
