The Belgian Socimi Cofinmo, specialized in the development and management of rental healthcare assets, lands in Spain with its first projects. As it has communicated, the company will invest 45 million euros in building five health projects for the elderly in Vigo, Galicia, Valencia, Murcia and Andalusia.
Cofinmo has already invested eight million euros in the construction of its first nursing home in Spain, specifically in Vigo, while in parallel it will launch a second residence in the province of A Coruña. The building that will be erected in Vigo, which will have a ground floor, seven floors and a surface area of 5,000 m2, will have a total of 140 beds. The works are expected to be completed in November 2020 and the lease is for twenty years.
In addition, the company is working on the construction of a geriatric center in Oleiros, the richest municipality in Galicia, with an investment that is also around eight million euros. The approval for its start-up will not take place before 2020.
The Vigo and Oleiros centers will be followed by three more projects, exactly in Castellón, Cartagena and Granada, according to the group. The total investment budget for land and works of the five projects amounts to 45 million euros.
Cofinimmo has been acquiring, developing and managing rental properties for more than 35 years. The company has a portfolio spread throughout Belgium, France, the Netherlands, Germany and Spain, with a value of 4,000 million euros. The Socimi is listed on Euronext Brussels. As of July 31, 2019, Cofinimmo had a market capitalization of more than 3,000 million euros, according to data provided by the company.
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