The real estate firm Renta Corporación has allied with APG, a Dutch pension fund manager, to enter the sector of nursing homes and health centers for the elderly.
Both companies have set up a Socimi, called Wellder, which will channel all the activity. The new company will have an initial capital of 250 million euros, contributed mostly (97%) by the manager APG while Renta will disburse 3%.
The Barcelona real estate company, which is listed on the stock market, will be in charge of leading Wellder's activity. It will identify purchasing opportunities, design the operation of the centers and subcontract daily management to operators specialized in care services for the elderly.
"We believe that there is a great business opportunity in this sector because the Spanish population is increasingly aging and as a consequence, the demand for these services is on the rise," says David Vila, CEO of Renta Corporación, who with this strategy will be able to grow your heritage line of business.
Wellder will focus on acquiring centers that already provide this service, whether they are privately owned or publicly licensed. The interest will fall on residences that have between 80 and 140 beds spread over an area of 4,000 to 7,500 m2. In addition, the company opens the door to acquiring land with the aim of building new centers.
"Geographically, we are interested in any Spanish provincial capital with more than 100,000 inhabitants and, of course, in Barcelona and Madrid," Vila details, adding that Wellder could close its first operation before the end of the year. Both companies are also committed to complying with the ESG criteria of energy sustainability and social care, both in the purchase and in the construction of new buildings.
The link between Renta Corporación and the APG manager goes back a long way. Five years ago, they founded the Socimi Vivenio with the focus on investing in the residential rental segment in Spain. "The formula has prospered and Vivenio currently has a portfolio of more than 6,000 homes, of which some 4,500 are in operation and some 1,500 are under development," says the manager, who recalls that Wellder has replicated the operating model of Vivenio, with the management in charge of Rent and most of the capital disbursed by APG.
Like the Socimi Vivenio, Wellder has the authorization of the National Securities Market Commission (CNMV).
