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Signature(s)

Amount
€ 90,000,000
Countries
Sector(s)
Spain : € 90,000,000
Health : € 90,000,000
Signature date(s)
21/12/2023 : € 31,500,000
21/12/2023 : € 58,500,000

Summary sheet

Release date
28 December 2023
Status
Reference
Signed | 21/12/2023
20230047
Project name
Promoter - financial intermediary
LONG TERM CARE DEVELOPMENT INFRASTRUCTURE II
VITALIA PLUS SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 90 million
EUR 205 million
Location
Sector(s)
  • Health - Human health and social work activities
Description
Objectives

The project supports the Promoter's expansion plan during the period of 2023 to 2026 and entails the construction and equipping of several new facilities: long-term care centres, rehabilitation hospitals and shared assisted living homes in different Autonomous Communities in Spain.

The project will improve access to high quality elderly and long term care centres throughout Spain. The new facilities aim to create a person-centred ethos which supports the opportunity for the residents to continue to live their own lives in accordance with their cognitive and physical abilities in an environment which reflects the comforts of home. The main purpose is to normalise care and promote the autonomy within the unit, assisting and supporting residents in everyday tasks.

Additionality and Impact

The Project is line with the InvestEU objective of social investment. As a social investment, the Project contributes to the implementation of the European Pillar of Social Rights. This Project addresses the sub-optimal investment situation in the European health and care infrastructure due to market failures originating from the public goods nature of services provided by health and care facilities and the large health externalities they generate. The centres financed in this Project will be located in urban agglomerations, contributing to more equity of access to affordable long-term care mainly for the elderly, and creating workplaces for the operation of centres. The Project also helps to reduce privately borne costs of long-term care by offering affordable solution. The Project responds to the demographic trends and requirements of Spain. The modern, digitalized, and well equipped long-term care premises will also help attract and retain care and medical professionals and increase their productivity.

EIB's involvement diversifies the Promoter's financing sources with customized terms lengthening its average debt maturity. It also provides a signalling effect on the quality of the Project, facilitating funding from commercial banks.

The Project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

Environmental aspects
Procurement

The project comprises the construction and equipping of elderly care centres. Elderly care centres are not specifically mentioned in the Directive 2014/52/EU amending the EIA Directive 2011/92/EU, though the projects are covered by Annex II of the Directive in relation to urban development. The Bank's services will verify the screening decision of the competent authorities during appraisal. In line with Directive 2010/31/EU, the new buildings will have to meet, at least, the relevant national targets on energy efficiency. The design energy performance of the centres and any specific related targets to be met will be verified during appraisal. It is expected that the project will bring wider benefits to the community as social and healthcare are elements of social cohesion and economic development. The Bank will encourage the Promoter to take into account the circular economy principles during the development and future operation of the project.

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the Promoter is after all subject to EU public procurement legislation (Directive 2014/24/EU) then the Bank would require the Promoter to ensure that contracts for the implementation of the project have been and will be tendered in accordance with the relevant applicable EU procurement (Directive 2014/24/EU as well as Directive 89/665/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Milestone
Under appraisal
Approved
Signed
13 December 2023
21 December 2023
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - LONG TERM CARE DEVELOPMENT INFRASTRUCTURE II
Publication Date
3 Jan 2024
Document language
Main Topic
Lending
Document Number
170472963
Document Focus
Environmental Information
Project Number
20230047
Sector(s)
Regions
Countries
Publicly available
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