Banca March and its customers complete senior living co-investment project Romano Senior worth €85 million
23 October 2024 Category: Agreements
- Of the total investment amount, €80 million was contributed by Banca March and its co-investors, with Azora Capital, the portfolio manager, contributing a further €5 million to the senior living real estate project.
- Romano Senior is the second care home for the elderly in which Banca March has invested with its customers after Adriano Care.
- Channelled through a SOCIMI, Romano Senior has already acquired 16 assets with 2,200 beds located in Spain's main urban hubs. The majority of the buildings are new-builds and they all have long-term leases in place with market-leading operators.
- Romano Senior's excellent reception consolidates Banca March's leadership position in co-investment initiatives, an unparalleled opportunity in the market, which represent the full alignment of the bank's interests with those of its customers.
Together with its customers, Banca March has co-invested in the senior living project Romano Senior, launched last June, worth €85 million. Banca March contributed €80 million, and Azora Capital, the portfolio manager, contributed a further €5 million. Romano Senior is the second senior living co-investment project by Banca March after Adriano Care, launched in 2019.
The SOCIMI already has a total of 16 high-end assets with 2,200 beds located in Spain's main urban hubs. The majority of the buildings acquired are new-builds and they all have long-term leases in place with market-leading specialist operators such as Domusvi, Colisee, Amavir and Emeis. Combined, Adriano Care SOCIMI and Romano Senior SOCIMI, both of which are projects on which Banca March co-invests alongside its customers, represent the largest portfolio of care home assets in Spain, with a total of 38 assets and 5,200 beds.
Through these investment initiatives, Banca March intends to respond to a pressing challenge in today's society: population ageing and the need to improve care for older adults by rolling out projects that deliver multiple social impacts. as well as facilitating access for older adults to care in the best facilities and helping families manage the needs of their older family members, these investments also generate employment for a growing number of people.
Co-investment: a hallmark of Banca March
Co-investment is a hallmark of the Banca March Group and the utmost expression of its commitment to its customers, who participate as partners in the same investment vehicles and projects in which the bank invests itself. In line with its philosophy of aligned interests, over the years the family-owned bank has co-invested with more than 9,100 customers through its institutional SICAVs (Torrenova, Lluc and Bellver); these liquid co-investment vehicles had total assets under management of €1.92 billion at the end of June 2024. In the unlisted co-investment category (real economy projects and private equity fund of funds), the Banca March Group has committed more than €3.41 billion in illiquid assets alongside its more than 3,100 co-investors since 2008. In October, the bank announced the launch of March PE Global III, its new private equity fund of funds with a fundraising target of €350 million, of which the Banca March Group is committing 20%.
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