Threestones enters Asturias with a care home acquisition

Threestones Capital Management continues to bet on the Spanish care home segment completing its seventh acquisition:  the El Fontán geriatric residence, in Oviedo (Asturias), according to the Global Legal Chronicle.

The Italian company has carried out this investment through its Luxembourg-based fund TSD Fund Eurocare Real State. Threestones’ strategy contemplates acquiring the centres’ facilities and transferring the management to a specialized operator.

As in other acquisitions for its portfolio, the investment manager has assigned the management to French group, Colisée, which operates 270 care homes of this type in five European countries. The company was advised by DLA Piper in this transaction.

El Fontán residence was controlled by El Fontán Foundation, which has another centre for the elderly in Nava del Rey, Valladolid. Threestones entered the Spanish market at the end of 2018 with the acquisition of a centre for the elderly in Cambrils, Catalonia. The company then aquired other residences for its portfolio in Spain, in Sant Cugat, Ibiza, Burgos, Cantabria and Zaragoza. In addition, a year ago, the group bought aresidence for the elderly in Zaragoza, whose capacity was one hundred beds.

In total, Threestones owns 38 assets with more than 4,300 beds and their asset located in Cantabria has 147 beds and 6,000 square meters. In the coming months, Threestones plans to continue with its growth strategy to reach its objective of acquiring around fifteen residences for the elderly in Spain within two years.