The Wellder Socimi, which manages the real estate company Renta Corporación, has acquired five nursing homes from the DomusVi group for 36 million euros, in an operation that already gives it volume to be able to go public next year, as explained David Vila, the CEO of Renta.
Wellder is owned by the Dutch pension fund APG and Renta itself and has already raised funds worth 125 million euros, which gives it the capacity to invest 250 million, explained its investment director, Max Hernández. “APG is already our partner in Vivenio, our residential REIT, and we also hope that this contribution of funds will be the first for a larger project.”
Wellder has now acquired five nursing homes located in Galicia and Castilla y León that have a total area of ??36,000 m2 and 826 beds, in a sale and lease back operation, since DomusVi will continue as operator. The SOCIMI had already acquired another residence, located in Burgos, from this firm. DomusVi is the first operator in the social and health sector in Spain, with more than 25,000 places, in more than 200 centers, both residences and day centers, for disability care and mental health. “These operations allow them to free up resources to grow in healthcare management, while what Wellder wants is precisely to have properties operated by leading companies,” said Vila.
Wellder has already accumulated an investment of 44 million in its residences, which are in provincial capitals and are reference centers in their area, Vila added. The company will make an additional investment of close to one million euros to update them to meet ESG criteria for environmental sustainability. The SOCIMI is studying new operations, Hernández explained, and plans to close the year with a portfolio of around 70 million euros.
Renta Corporación continues to promote its asset management business associated with APG, in Wellder and in Vivenio, which has already invested more than 1.2 billion euros in rental homes. This management activity provides Renta with recurring income, said Vila, which gives visibility to its results beyond the fluctuations of the real estate cycle. Its main activity is the transformation of assets, in Madrid and Barcelona, ??the two most liquid and busiest places in Spain. “Now we are at a low point in the cycle, which reduces that business – Vila acknowledged – but which also generates opportunities that we can take advantage of.”