Belgian REIT, CPI, buys Retirement Village in Alicante for €35 million

Cushman & Wakefield & Savills have advised Forum de Inversiones Inmobiliarias Mare Nostrum S.A., on the sale of Forum Mare Nostrum to Care Property Invest – sold for c. €35 million in one of Spain’s first major investments in senior living on the Spanish Mediterranean coast.  

Forum Mare Nostrum is an established and successful retirement village for seniors, well-known in the region of Valencia and particularly to the international community living in this area of Alicante and the town of Alfaz de Pi. The residential complex has been in operation for more than 20 years, and has 229 apartments with garages and storage rooms, gardens, swimming pools, other leisure activities and a central Club House with reception. This includes a spa, gym, indoor heated pool, two restaurants, bar, theater, library, art studio, event venue, as well as an area dedicated to the health, beauty and wellness of its mainly northern European residents.

Forum Mare Nostrum is owned by Grupo Goya and managed by Goya Real Estate, a very active developer in the area that is currently developing the most recognizable projects in the area: Delfin Tower on the front line of Benidorm’s poniente beach and Delfin Natura, on the best located plot in El Albir.

Care Property Invest is a Public Regulated Real Estate Company, listed on Euronext Brussels for over 25 years and invests in high quality real estate for elderly people in the European market. The Company has developed an international portfolio of 129 healthcare projects, spread across Belgium, The Netherlands and Spain.

As a result of this transaction both Cushman & Wakefield and Savills have placed Senior Living firmly on the map in Spain for institutional investors. The demand and client base for retirement villages particularly on the Mediterranean coast is significant and will continue to grow and this transaction demonstrates international investor understanding of an operating model for Senior Living accepted by the international community on the coast.

For the operator of Forum Mare Nostrum, the sale is part of a bigger strategy to use the capital to invest in the extension of the existing property and to build a platform of similar assisted co-living complexes along the Mediterranean coast. A representative on behalf of the Vendor commented: “We are very pleased to have teamed up with CPI on this transaction and look forward to a long-term relationship with our investor partner. This sector is very much in its early stages in Spain despite the significant growing international client demand for assisted living for active seniors along the coast”.