Some businesses endure beyond trends, like funeral homes. People will continue to pass away, and in Spain the same idea applies to nursing homes: aging is inevitable. When you consider population structures and retirement, the future of housing appears solid. The sector is driven by supply and demand, and demand keeps rising while supply struggles to keep pace. This reality has drawn attention from both national and international investment funds that are actively building a high-quality offering.
Data from JLL shows that in Spain, 65 and older account for about 20 percent of the population, roughly 9.5 million people. Yet there are only about 390,000 beds, with 25,000 more under construction. Analysts estimate that between 80,000 and 110,000 parking spaces would be needed to support future demand. In other words, growth in demand outstrips what the market can supply, even as private equity works to expand inventories, according to Juan Manuel Pardo, director of Living at the consulting firm behind the report.
A group of institutional mutual funds has positioned themselves by acquiring and building from scratch when products were scarce. Who are the major owners of nursing homes in Spain?
active health
Health Assets includes a North American fund established by Oaktree and Altamar in Spain, though ownership has shifted over time. Currently, state wealth funds and CBRE IM oversee a portfolio including residences, clinics, and hospitals, with around 40 operations and 11 more under construction. This Spanish venture, backed by foreign capital, aims to grow the portfolio to about 1.5 billion euros, expanding into Europe with recent entries in Portugal and Belgium and ongoing interest in Germany and Italy.
cofinimmo
Belgian Cofinimmo, allied with Thor in Spain, has 3,375 beds across properties valued at about 304 million euros. Active in Spain since 2019, all projects have been built from scratch. Assets are spread across Utrera, Barcelona, Bilbao, Sarriguren, Castellón de la Plana, and Cartagena. BlackRock backs this listing, which is traded on the Belgian stock exchange. The total pan-European portfolio reaches around 6.1 billion euros, with Spain accounting for roughly 5% of the total.
cover
Caser, a Spanish insurer, operates in this real estate segment with about 3,300 beds, including 23 centers across 15 provinces such as A Coruña, Alava, Badajoz, Guipúzcoa, La Rioja, León, Lleida, Madrid, Málaga, Murcia, Pontevedra, Valladolid, Vizcaya, Zamora, and Zaragoza. Caser is controlled by Helvetia, the Swiss insurance group with a global footprint since 2020.
Adriano Care
Adriano Care, a socimi founded by Azora, stands as a prominent vehicle with a portfolio of 22 nursing homes totaling 2,875 beds, plus 18 operating assets and 4 developments valued at 230 million euros. The plan includes adding around 255 day centers. In 2022, more than 100 million euros were invested in seven housing units offering 885 beds. Properties span A Coruña, Palencia, Bilbao, Zamora, Madrid, Valencia, Lugo, León, Terrassa, Vigo, Alicante, Santander, and Barcelona. Key shareholders include Pedro Alarcón, founder of Goldcar, alongside insurer Mussat and the Mutual of Workers and Architects. (Note: institutional investors are pursuing diversification and scale across the country.)
batypart
Batipart maintains a resident subsidiary, Lagume, and has participated in several major operations, notably acquiring 16 assets from SARquavitae in 2017 and two more from DomusVi two years later. Their residences span Catalonia, Andalusia, the Balearic Islands, Madrid, Castilla-La Mancha, and the Valencian Community.
Uctas Capital
This Luxembourg-based manager runs a European-wide nursing home investment fund. While headquarters-level transparency varies, acquisitions have been disclosed. Threestones Capital entered Spain in 2018 with a Barcelona province asset. The portfolio now includes 12 residences totaling about 1,335 beds in locations such as Leiro, Extremadura, Asturias, León, Barcelona, Oviedo, Zaragoza, Cantabria, Ibiza, Burgos, and Cambrils.
First Reim
Primonial REIM, a French-origin vehicle, manages 12 residences, four mental health centers, and a hospital in Spain. Its latest acquisition is the Jovellanos nursing home in Gijón, adjacent to the Covadonga hospital. They describe housing as a market with growth potential, with nursing homes already constituting a sizable share of their portfolio.
cabin
The Caprabo founders’ investment arm is among the largest owners of elderly housing. In 2018 Capoel acquired 840 beds across six Madrid residences: Alcorcón, El Escorial, Carabanchel, Torrelodones, and Colmenar Viejo. Reports estimate the purchase price around 50 million euros.
APG – Revenue Company
Recently, several international funds announced plans to invest in Spanish nursing homes. Dutch APG, alongside Catalan firm Renta Corporación, intends to commit 250 million euros to this sector. The Wellder Senior Asset tool targets purchases and development in towns over 100,000 people, with centers ranging from 4,000 to 7,500 square meters and 80 to 140 beds per center.
Axa – Lar Group
AXA’s investment arm, in collaboration with Grupo Lar, plans to invest 300 million euros in residences and day centers. Initial developments will occur in Zaragoza, where a 4.6 million euro site will host a 270-bed residence, a mental health clinic, and a day care center.