NEW YORK — Sora Capital, a Mexico City-based global alternative investment firm, is committing USD300 million equity investment in a USD1.15 billion sustainable real estate development in Costa Rica for senior living, according to people familiar with the deal.

The investment in the carbon neutral senior housing project Greatland is conducted via Sora’s Real Estate division and once in operation the development will be able to offer senior living facilities to as many as 8,000 retirees from developed countries. The deal involves the participation of Signaturelex, a law firm operating in six Central American countries, and Costa Rica-based WS Real Estate Investments, an investment vehicle, will oversee the construction of the facilities, the people said.

Greatland is located in the city of Paraíso, Costa Rica, perched in 20 hectares with 20 condo towers and exclusive residential area with sites for hospitality, medical center and power center, according to the people who asked not to be named as the investment is still private. A formal announcement is expected as soon as January 24.

A coveted destination for tourists and international companies seeking to expand business in Central America, Costa Rica offers fiscal incentives to lure in foreigners as remote workers don’t pay local income taxes on their first USD100,000 earned from foreign sources, according to Ideal-Living.com, a Wilmington, North Carolina-based hub offering U.S. and international destinations for seniors. Ranked as 36th by the World Health Organization, Costa Rica’s healthcare system is considered one of the most comprehensive worldwide, above the U.S., Cuba, and New Zealand, according to Travelawaits.com.

Greatland is expected to start operations in 2023 and will be financed with a combination of senior debt, mezzanine and equity, according to the people close to the transaction. The investment will represent Sora’s first incursion in Costa Rica, a country which gross domestic product is projected to expand 3.9% this year and 2.9% in 2023 driven by “strong external demand”, the rebounding of the tourism sector and gradual strengthening of the domestic consumption, the OECD said in a report last month.

Sora Capital is a global alternative investment firm founded in 2019 seeking to create long-term value for investors across a diverse range of asset classes such as private equity, real estate, credit, investment banking and wealth management, according to the company’s website. The firm operates in more than five countries.

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Jose Enrique Arrioja
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