CPI purchases €14.2M Emera care home project in Alicante from Ratisbona

Care Property Invest has completed the acquisition of Emera Alicante, a residential care centre to be developed in Alicante, within Spain’s autonomous region of Valencia. The sustainable new-build project represents a total investment value of approximately €14.2 million.

Scheduled for completion in June 2028, the care centre will accommodate 139 residents across 122 rooms, including 105 single rooms and 17 double rooms. The transaction is structured as a forward-funded asset deal, with Care Property Invest financing the development in instalments linked to construction progress.

Sustainable and Flexible Design

The building will feature a flexible, modular structure, designed to adapt to evolving resident needs and future regulatory requirements, including the increasing shift towards small-scale living concepts.

The complex will comprise four floors—a basement, ground floor and two upper floors—and will provide 63 above-ground parking spaces for staff and visitors.

Long-Term Operational Partnership

Care Property Invest is partnering once again with Emera as operator, marking their fifth collaboration following earlier projects in Móstoles, Carabanchel, Murcia and Almería. The agreement takes the form of a long-term triple net lease, with a mandatory duration of at least 18 years, renewable and indexed annually.

Emera’s Expanding Spanish Footprint

The Emera Group is a French care operator with more than 30 years of experience in the sector. Across Europe, the group operates over 125 facilities, providing nursing and residential care and supporting more than 11,500 beds across France, Switzerland, Belgium, Luxembourg, Ireland, Spain, Jersey, and the Isle of Man. Its service offering spans the full care continuum, from home care and assisted living to residential and nursing care, including specialised dementia support.

Emera entered the Spanish market in 2019 and currently operates 23 care centres in prime urban locations, providing approximately 3,280 beds, often complemented by day-care services.

Growth accelerated significantly in 2025, a landmark year for Emera España. During the year, the operator added six newly operational nursing homes and secured four new development projects in Murcia, Palma, Madrid and Alicante. In total, this expansion represents around 1,500 additional beds and approximately 60% growth in the Spanish portfolio.

Alongside its expansion, Emera continues to advance its care model. In 2025, the group certified one additional centre as restraint-free and three centres as dementia-friendly, reinforcing its commitment to high-quality, person-centred care for residents and their families.

Developer Profile

The seller and developer of the project is Promociones y Gestiones Inmobiliarias Ratisbona, S.L. (‘Ratisbona’), part of Ratisbona Holding GmbH & Co. KG. The German developer has more than 38 years of experience across retail real estate, healthcare properties, hotels and residential developments. Its Spanish subsidiary was established in 1999 and has been active in the Spanish market ever since.

Strategic Growth Milestone

Commenting on the transaction, Patrick Couttenier, CEO of Care Property Invest, said:

“We are delighted to further strengthen our trusted partnership with Emera. With ‘Emera Alicante’, we not only reinforce our position in Spain but also respond to the strong demand for high-quality care beds in this market. This project marks our ninth in Spain and our 160th overall – a milestone that clearly underlines our growth strategy.”