StepStone Real Estate and GREYKITE Enter Into Agreement to Recapitalize Vitalia, Spain's Second Largest Senior Care Provider, in Landmark €1.5 Billion Transaction

Core Insights - StepStone Real Estate and GREYKITE are set to recapitalize Vitalia, Spain's second-largest care home operator, with a commitment of over €500 million in growth capital [1][6][7] - Vitalia operates 75 care home facilities and aims to address a projected 40% shortfall in new care home delivery by 2030, targeting approximately 15,000 beds across Spain [3][6] - The transaction is significant as it represents the largest care home sector deal in Spain in the past decade, highlighting the growing focus on the healthcare real estate sector [6][7] Company Overview - Vitalia is recognized for its 'homes for living' model, emphasizing resident-centered care, tech-enabled medical support, and restraint-free care [2] - The management team at Vitalia has over 50 years of combined experience and has been with the company since its inception [2] Market Position - Vitalia holds a 2.5% market share in a fragmented and undersupplied care home sector, driven by Spain's rapidly aging population [3] - The company is well-positioned to deliver approximately 50% of new beds needed in the sector by 2030, addressing the increasing demand for care homes [3] Investment Strategy - The transaction follows the successful close of StepStone Real Estate Partners V, which raised over $5 billion, marking the tenth investment in this fund and its largest to date [4] - The partnership between StepStone and GREYKITE aims to support Vitalia's expansion and enhance care delivery across Spain [6][7] Future Outlook - The investment aligns with GREYKITE's thematic focus on living, industrial, and digital sectors, with Vitalia being the Fund's eighth portfolio company [5][10] - Both firms are optimistic about the growth potential in Spain's care home market, which is supported by strong demographic trends and limited new supply [7][10]