Korian Group has acquired a portfolio of six nursing homes on the Balearic Islands from Grupo 5, a care service operator specialized in the fields of mental health, neurologic rehabilitation and social care.
This acquisition expands the offering of Seniors, a Spanish company acquired by Korian early 2019 which operates 7 high-end facilities in Andalusia and 2 facilities in Valencia, representing a diversified portfolio of more than 1,300 beds, including nursing homes, assisted living and day care services.
These 6 additional facilities, located on the island of Mallorca care for nearly 700 residents (private and concerted beds) and 130 day centre visitors. All the centres are operating under land concession agreements of 27 years on average, linked with secured concerted bed agreements of the same duration.
Thanks to this new acquisition, Korian benefits from a strong Spanish platform of 15 facilities with c. 2,160 beds and a total turnover of about EUR 34m, which gives it a presence in three regions in which equipment needs in terms of elderly care and dependency are important.