Adriano Care, the Spain-based real estate vehicle managed by Azora that focuses on housing for seniors, has closed a new asset acquisition in Barcelona. The facility, DomusVi Claret, offers a capacity of 262 beds and sits at 200 Calle Sant Antoni Maria Claret, just a short walk from landmark sites and the city’s major avenues. The deal was completed by Adriano Care, an investment vehicle associated with Fernando Gumuzio and Concha Osácar, for 18 million euros without external financing. The owners stated to regulators that the asset will undergo modernization to meet contemporary needs of elderly residents while prioritizing sustainability and energy efficiency.
DomusVi, the operator of the residence, lists a day center among its offerings. The facility provides specialized care including support for Alzheimer’s disease, as well as rehabilitation services following strokes, cardiovascular events, or surgical procedures. The residence serves both long-term residents and short-stay guests, with gerontological care integrated into its program.
Shared spaces within the residence include terraces, a gym, medical consultation rooms, treatment areas, a hairdresser, a chapel, living rooms, and a library. Each room is equipped with essential amenities such as a medical alarm, telephone, television, and a private bathroom, enhancing safety and comfort for residents.
What is Adriano Care?
Adriano Care is a Socimi, or a registered real estate investment company, that concentrates on senior living properties. It operates as one of Azora’s investment vehicles and sits alongside other entities such as Previsión Mutua de Aparejadores y Arquitectos Técnicos, Musaat Mutua de Seguros, and a family office linked to Pedro Alcaraz, founder of Goldcar car rental. By the end of 2022, Adriano Care owned 22 residences, with 19 in operation and three under development, totaling 2,875 resident places. Since its inception, partners have invested nearly 230 million euros to acquire assets across the Iberian Peninsula, including locations such as La Coruña, Palencia, Bilbao, Zamora, Madrid, Valencia, Lugo, Terrassa, León, Vigo, Alicante, Santander, and Barcelona.
Financial performance for the year prior showed rental income of 10.9 million euros and a net profit of 4.4 million euros. A milestone in 2023 was the distribution of a dividend of 2.4 million euros after its 2021 IPO, marking a notable liquidity event for investors.
Imbalance between supply and demand
In recent years, both national and international investment funds have increasingly targeted Spain for elder-care real estate. This attraction stems from a pronounced imbalance between supply and demand in the market. The World Health Organization indicates a benchmark of five beds per 100 residents aged 65 and older, a ratio that Spain trails slightly, registering about 4.6 beds in practice compared with other EU nations. This gap has driven sustained investment interest and market activity.
Industry professionals estimate that Spain would benefit from a substantial expansion of senior-care infrastructure. A report from JLL suggests that Spain needed roughly 13,700 additional spaces between 2022 and 2025 to maintain current service levels. Projections extend to 2035, where a much larger expansion would be required to meet anticipated demand.
Investment activity during 2022 and 2023 reflects this dynamic. While overall deal volume remained subdued during the first three quarters of the year, total investment approached hundreds of millions of euros, with moves restrained by shifting funding costs and cautious fund positioning after monetary policy adjustments. These factors collectively shaped a market characterized by selective acquisitions and a steady search for value-added opportunities. [citation: JLL market report]