Wellder, the Socimi of Renta Corporación and the Dutch pension fund APG, has bought its first nursing home in Spain: the Río Vena center in Burgos, operated by the DomusVi group, in which it has invested 7.5 million euros and that it will renew so that it has the highest standards of sustainability.
David Vila, CEO of the real estate company, explained that this is the first operation of the new socimi that they have set up with APG, the firm with which they are already partners in Vivenio, another socimi specializing in rental housing. Wellder plans to invest 250 million euros in residences and health centers for the elderly in a first phase, with an eye on an IPO, which he initially plans to carry out in two years.
Wellder, Vila explained, is already studying other operations. The firm plans to invest in buildings located in towns with more than 100,000 inhabitants, preferably provincial capitals, with a surface area of between 4,000 and 7,500 m² and between 80 and 140 beds. The residence in Burgos, built in 2009, has 98 beds in a 4,500 m² area, and has gardens, large common areas and even a cinema.
Vila explained that Wellder allows Renta to continue expanding its line of property business, applying the same formula as in Vivenio. Since its creation, in 2017, this firm has grown to have more than 6,000 homes, 4,500 of them in operation and another 1,500 under development. APG contributes 97% of the firm's capital, while the rest corresponds to Renta, which is in charge of seeking business opportunities and management.
David Vila recognized that the rise in interest rates affects the activity of the socimi in new operations "because it forces us to reconsider the price that can be paid for real estate." In Vivenio, Vila highlighted, the debt of the investments already signed has coverage against the rise in rates. “APG is a fund that takes a very long-term view and knows that there are ups and downs,” he added.
For this reason, he explained, Vivenio's growth plan has not been affected by the uncertainty about the rent regulation in the new Housing law. “We believe that the solution to the rental problem is to increase the supply of housing. But we already have the experience of rent caps in Catalonia. And we will adapt."
