Care Property Invest announces acquisition in Murcia

Care Property Invest announces the acquisition under suspensory conditions of the residential care centre ‘Emera Murcia’ located in Murcia. This project is its third acquisition in a short time on the Spanish market and will offer a total capacity of 171 residential places, divided over 85 single rooms and 43 double rooms, in the residential care centre and 25 people in its day care centre. The effective acquisition of ‘Emera Murcia’ will take place upon the provisional delivery, whereby the Company will acquire 100% of the shares in the real estate company in which this project is incorporated. C&W has acted as advisor to the purchaser.

‘Emera Murcia’ is a new construction project developed by the Spanish real estate company Euroseniorsclub, currently in the final stage of development. Upon provisional delivery of the building (expected in Q2 of 2021), Care Property Invest will acquire 100% of the shares in Euroseniorsclub Murcia S.L., the real estate company in which the entire project is incorporated.

‘Emera Murcia’ will be operated by a subsidiary of Groupe Emera on the basis of new long-term rental agreement of the ‘triple net’ type with a minimum duration of 15 years (renewable), which will be indexed annually. This agreement will be effective as of the date of the effective acquisition.

The total investment value for this project is estimated to be approximately €10.8 million. Strengthened by its 25 years of experience, the Company wants to establish itself in this southern European country, for which statistics predict that the number of people aged 65+ will increase by as much as 67% by 2040.

According to Peter Van Heukelom, CEO of Care Property Invest: ‘With the signing of our 125th project, located in Murcia, we are proud to gain further foothold in the Spanish healthcare real estate market within a new Spanish province. This is a stunning new construction project in a central location, close to the city center. This is the third project on this market for which we are partnering with the healthcare operator Groupe Emera. Our ambition is to continue the current acquisition pace and thus strengthen our European position as a listed healthcare real estate player.’’