29 Jan Expansion – Threestones buys its ninth retirement home – J.O. Barcelona
Luxembourg-based fund manager Threestones Capital Management is expanding its real estate business in the elderly sector in Spain with the acquisition of its ninth home in the country.
The transaction consisted of the purchase of the CleceVitam Otazu facilities, a retirement home located in the centre of the city of Leon. In the new phase, the retirement home will continue to be managed by the Spanish company CleceVitam, which has been left out of the transaction.
For this acquisition, Threestones Capital Management was advised by the Italian law firm Pavia e Ansaldo in Barcelona, while the sellers of the building were advised by Maio Legal.
Threestones Capital Management began buying centres for elderly people in Spain pursuant to a national investment strategy with the acquisition, in 2018, of the Cambrils Suite residence, in this locality on the Costa Daurada.
Through the TSC Fund Eurocare Real Estate vehicle, the management company bought last summer, also in Catalonia, the Congost residence, located in Figaró-Montmany (Vallés Oriental), and entrusted its management to the Gran Vida group (see Expansión Catalunya of 5 August 2021).