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Cofinimmo Acquires Three Retirement Homes for €34 Million

The real estate company has added 437 beds and almost 20,000 square metres of residential homes in Madrid and Navarra to its portfolio.

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The real estate company Cofinimmo announced that it had acquired three retirement homes in Spain for 34 million euros. In total, it has added 437 places to its portfolio.

Two of these assets are in the region of Madrid: in Vallecas and Vicálvaro. Both are still under development and are scheduled for completion in early 2022 and 2023, respectively. The building located in the Vallecas district has 5,900 square metres and 138 beds, while the one in Vicálvaro has 5,500 square metres and 132 beds.

The third residence is in Sarriguren, Navarra. Its completion and handover to the new owner are imminent, during the third quarter of the year. It is the largest of the three, with 8,500 m2 and 167 beds.

The three assets will be leased to the operator Amavir for the next 25 years. This lease is inflation-linked, with its gross yield adjusted to current market conditions. The operator controls 42 nursing homes in Spain and 163 across Europe.

Read the full article in Spanish

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