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Foncière Siscare buys 2 senior residences for €10M
23 October 2019 | Vanessa Sousa

Two senior residences located in Spain are now part of French Foncière Siscare’s portfolio, which is seeking to consolidate its position within the country.

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This operation was closed for 10 million euro and was advised by consultant MoZaïc Asset Management and was legally advised by M&B abogados, revealed the company in a release.

The assets have a total of 250 beds operated by Groupe EMERA via 20-year leases negotiated simultaneously to these acquisitions. These two real-estate assets are located in different parts of the country, one at El Alama near Madrid with 150 beds, and the other in Logroño (between Bilbao and Zaragoza) with 82 beds.

At the same time, the French company also closed the purchase of another senior residence in Italy for 30 million euro.

On these operations, Olivier Benque, Chairman of Foncière Siscare’s Management Board, commented: «For some time now, we had been looking for assets that meet our strategy and portfolio in these two markets, which are very attractive given their population and their demographic and macroeconomic fundamentals. (…) Thanks to these three acquisitions, we are rapidly progressing towards our target of owning at least €500 million of property assets whilst complying with the strict criteria we have defined in terms of external growth. We intend to enhance our presence in the four countries in which we are already established, but also expand into other euro zone countries».

Press Released By Foncière Siscare