The Catalan developer and the Anglo-American fund have launched an offensive in the Spanish market and, in a first phase, plan to develop five residential centres in the country's main cities: Madrid, Barcelona, Valencia, Bilbao and Malaga.
Under the name Las Arcadias, the brand launched by Layetana in the 1990s for its first build-to-sell (BTS) developments focused on the elderly, the joint venture is committed to medium and high standing residential complexes for national tenants over the age of sixty as its target audience. The vehicle does not disclose its investment target, which will vary depending on market opportunities, according to the company.
"Initially we focused the project on high-end complexes located in prime areas of the main cities, but the difficulty in finding available land with the characteristics we are interested in has meant that we have opened up the focus to projects that are not so focused on luxury, but with high quality and services," explains Regina González, head of senior living at Layetana Living.
Layetana Living is already finalising work on Las Arcadias El Encinar, a complex located near La Moraleja (Madrid), which will serve as a model for the company's future developments. Arcadias El Encinar, which will open its doors in March 2023, has 16,600 square metres of building and 154 residential units.
The vehicle's next steps are to develop its first project in Valencia, where it has already secured land in a residential area on the outskirts of the city. The complex will comprise 112 one- and two-bedroom flats with terraces and will have a large garden area and swimming pool. Depending on the progress of the construction work and the attainment of the relevant licences, the complex could open its doors in 2025.
In addition, the company is at an advanced stage of studying two plots of land in Madrid and is in the preliminary stages of purchasing another plot in Barcelona. It is also scouting opportunities in Malaga and Bilbao, where it is looking for land from 6,000 square metres to 7,000 square metres of buildable area. The joint venture's objective for 2023 is to be able to start the development of up to five projects, which would add up to around 80,000 square metres of built-up area in senior living once the construction work has been completed. Layetana Living will promote its own operator for the management of the complexes; it is also considering an alliance with an operator of residences for the elderly to incorporate certain services to its complexes.