Azora Group (Azora), an independent asset manager in Spain, with more than €5.3 billion of assets under management(AUM), together with Indosuez Wealth Management Spain and Banca March, has launched a new REIT with €120 million of equity, Adriano Care, to invest €250 million in Senior Living market.
The funds come from private banking clients of Indosuez Wealth Management Spain and Banca March, who also coinvests along Azora in the venture.
The main strategy is the acquisition of senior homes, which will be operated by tier one operators under long term triple net contracts.
Following Azora’s DNA, Adriano Care will focus on acquiring senior homes which have potential to improve through repositioning and refurbishment, being able to offer a better product for its clients.
The company will operate under the SOCIMI regime (Spanish REIT) and will trade in the Spanish alternative stock exchange (Mercado Alternativo Bursátil español (MAB)).
“With this new venture we tackle a new real estate segment, honouring our DNA of investing in mega trends, and alongside tier one financial institutions” says Concha Osacar, founding partner of Azora.
“We are delighted to have agreed the management of Adriano Care Socimi with Azora in order to offer this opportunity among our client base, backed by an evident megatrend, which has successfully helped to covered all equity available in record time, and where Indosuez has provided 70% of total equity through its clients” states Antonio Losada CEO of Indosuez Wealth Management Spain.
“Adriano Care represents another step in our investment expertise in real economy, which we promote along our clients since 2008. Since then we have committed more than €1,4bn of capital, out of which 40% has come from the Group’s own capital, maximizing the interest alignment with our clients and the conviction of the importance of including illiquid assets within diversified portfolios”. said Juan Antonio Roche, Product Director at Banca March.