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Wednesday, April 17, 2024

Pavia e Ansaldo advises Threestones on the acquisition of its 13th residence in Spain

Pavia e Ansaldo has advised the Luxembourg fund manager Threestones Capital Management S. A. on the acquisition of the senior citizens' residence 'Vil-la Betània' (Arenys de Mar) by the TSC Eurocare IV Real Estate Fund, so that Threestones has increased its portfolio of residential centres in Spain to thirteen

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Threestones Capital acquires an additional nursing home facility, “Villa Betania”, located in Arenys de Mar, a municipality in the region of Catalonia, Spain, for its TSC Fund – Eurocare IV investment vehicle for a total of  €4.2M.

The facility includes two buildings with 2,422 sqm and 1,667 sqm of leasable area and 78 private beds. The nursing home is known for its central location in Arenys de Mar and offers beautiful sea views and restful retirement to its residents. The property will be leased and operated by Group Lantus, a fast-growing operator from Spain.

“We are glad to announce our 13th acquisition in Spain, which brings the total number of care beds managed by Threestones Capital in the country to 1,413, for a total market value of ca. EUR 97M. Over the next decade, Spain is forecasted to see one of the largest growth (25%) in people aged over 65 years, according to Oxford Economics. We will continue to explore other properties in the region”, said Beka Pipia, Portfolio Manager at Threestones Capital.

Threestones Capital was supported by Pavia e Ansaldo on the legal side, Drees & Sommers on the technical side, and Savills on the financial Due Diligence.

Threestones Capital Management S.A. is an asset management company specialising in real estate, operating under the supervision of the Luxembourg financial authorities (CSSF), in accordance with European financial regulations. The transaction represents the group’s thirteenth investment in Spain, which began with the acquisition in 2018 of the Cambrils Suite residence in the province of Tarragona and has continued over the past year with the purchase of CleceVitam Otazu (León), Palacio de Leceñes (Asturias), Nuestra Señora de Guadalupe (Cáceres) and Quercus Residencia Xeriatrica (Ourense). All the operations are part of a nationwide investment strategy.

Pavia e Ansaldo advised Luxembourg fund manager Threestones Capital Management S. A. with a team comprising the partner in charge of the Barcelona office, Meritxell Roca Ortega, and associates Javier Vicente and Adriano Belloni.

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