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Saturday, December 3, 2022
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Allen & Overy Spain advises APG on JV with Renta Corporation

Allen & Overy has advised Dutch pension provider APG on its alliance with Renta Corporación to create a REIT (SOCIMI) specialising in care homes and healthcare assets

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Renta Corporación and APG, the largest pension provider in the Netherlands, have joined forces once again, as they did in 2017, to create a REIT (SOCIMI), this time specialising in care homes and healthcare assets. Wellder, the name of this new company, has been created with a clear objective: the development of a portfolio of real estate assets in the senior care segment with a special focus on quality and ESG criteria.

Renta Corporación is a listed real estate company with a differential business model based on the creation of value through the acquisition of real estate assets for their transformation and adaptation to the needs of the market, for subsequent sale to third parties.

Wellder has been created with the aim of acquiring €250 million worth of real estate assets
related to the elderly in Spain in the first initial phase and then continuing to grow. With this new alliance, APG renews its commitment to Renta Corporación as a partner in the Spanish market. Five years ago, they established their first REIT in the country, Vivenio, focused on the residential segment, which already has a portfolio of more than 6,000 homes and a successful track record in its management.

On this occasion, Renta Corporación will be responsible for the management of Wellder, which strengthens its asset management business line, further expanding its target market and obtaining a higher volume of recurring income. The new REIT is expected to be listed in an estimated period of two years.

Allen & Overy Spain team was formed by: Corporate partner Iñigo del Val, senior associate Reka Palla and associate Eneko Marín Esain, Real Estate partner Santiago de Vicente, and associate Lina Kondrushkina, and Tax counsel Ishtar Sancho Escudero and associate Juan José Sánchez Lorenzo.

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