Adriano Carethe vehicle specialized in nursing homes Azora, reached the stabilization phase. The company, corporately classified as sociimi (listed real estate company), has completed its investment period, having allocated 236 million euros to the purchase or development of a total of 22 assets, of which 20 are already operational and two are still under construction. Adriano Care’s real estate portfolio amounts to 2,985 beds for national and international residents, managed by the main national operatorslike Colisee, DomusVi, Vivalto, Amavir and Clece.
During 2023, and before completing the investment process, Adriano Care completed two acquisitions and one sale. The purchases were a 262-bed residence in the La Sagrada Familia district, in the center of Barcelona, for which it paid 18 million, and another with 153 seats in Vigo, which began operating last July, but was bought in March for 13.5 million . In the field of sales, SOCIMI Azora sold land in the capital, which it had grouped under the name “Madrid North Project”, for around three million euros. “This is a timely sale of land and in line with the objectives of the business plan and shareholder remuneration,” says Azora.
Although Socimi is managed by Azora and listed on the stock exchange, in BME Growth it is owned by several groups, including five which control almost 30% of the vehicle: the founder of Goldcar, Pedro Alcarazis the largest shareholder, with 8.33%, the mutual Moussaat And National Fraternity of Superior Architects (HNA), have 5% each, and the companies Alvanelle And Finmaser diversification (also shareholder of the ABC Serrano shopping center), also with 5% each. The rest of the shareholding is in the hands of minority shareholders with less than 5%, that is to say with a position valued at less than six million.
Adriano Care’s strategy has always been acquisition of already operational assets on which improvement plans could be executed. This did not prevent it from purchasing, in a very selective manner, projects in development. More precisely, two in Madrid, where demand is high. This also has two “senior residences” complexes, with more than 300 housing units, focused on older adults who do not need ongoing health care. Among them stands out Ciudad Patricia, a complex of “residences for seniors” inaugurated 30 years ago.
Profitability above 5% and presence throughout Spain
Adriano Care derives its profitability from collecting rent from operators, with long-term contracts indexed to the CPI. He average annual yield achieved, called “yield” in real estate jargon, amounts to 5.5%. The net asset value per share amounts to 12.35 euros, which represents 24% more than the capital committed at the start of the fund and despite a correction of around 1.5% in the first half of 2023.
The SOCIMI portfolio managed by Azora is spread across 13 provinces of the national territory, in some of them with several advantages. Madrid and Bilbao stand out in their portfolio, where they have four properties in each province, followed by Barcelona and La Coruña, with two each. The rest of the assets are located in Palencia, Zamora, Valencia, Lugo, Terrassa, León, Vigo, Alicante and Santander.
The objective of Adriano Care is obtain 13 million euros in annual revenue, once all its assets are in operation, the real estate value of which (GAV) amounts to 231.5 million, excluding capital invested in investments and the concession of one of its buildings. During the first half, it generated 7.67 million in revenue and an EBITDA of 3.4 million.
“Adriano Care was created with the aim of contribute to the growing need for quality real estate assets linked to the aging of society, adapted to the needs of our seniors and new real estate trends. The company andYou execute your business plan by achieving the objectives initially set., with a high degree of stabilization of its portfolio. Results to date in 2023 show its consolidation, with 50% growth in turnover to €12 million. In the coming years, the company plans to continue its investment plan to improve asset quality, with a priority focus on sustainability measures aimed at decarbonization and energy efficiency,” explain sources. ‘Azora.