Threestones keeps growing. Threestones Capital Management has concluded its seventh operation in Spain, which consisted in purchasing senior residence El Fontán, in Oviedo (Asturias), as reported by Global Legal Chronicle.
The company carried out the operation through Luxembourgian fund TSD Fund Eurocare Real State. Threestones’ strategy is based on acquiring the residences’ facilities and delegate its management to specialised companies.
The group, as it has done with other assets within its portfolio, delegated the residence’s management to French group Colisée, which operates 270 units of this type in five European countries and which was advised by DLA Piper in this transaction.
El Fontán senior residence was owned by foundation Fundación El Fontán, which has another senior residence in Nava del Rey, Valladolid. Threestones landed in Spain through law firm Pavia e Ansaldo’s Barcelona office at the end of 2018.
Threestones then acquired a senior residence in Cambrils, Cataluña. The other residences it has in Spain are located in Sant Cugat, Ibiza, Burgos, Cantabria and Zaragoza.
The group bought a 100 bed senior residence in Zaragoza one year ago. In total, Threestones has 38 assets and more than 4.300 beds. The residence in Cantabria has 147 beds and 6.000 sqm.
When it landed in Spain, Threestones’ goal was to acquire around 15 senior residences within two years.
