NEW YORK — Sora Capital, a Mexico City-based global alternative investment firm, agreed to commit USD300 million equity investment in a USD1.15 billion sustainable real estate development in Costa Rica for senior living, the company announced in a public statement.
The investment in the carbon neutral senior housing project called “Greatland” is conducted via Sora’s Real Estate division, the firm said in the statement, confirming a story published by Zignox on January 24.
The development will offer senior living facilities to as many as 8,000 retirees from developed countries and is expected to start operations in 2023. The deal is being financed with a combination of senior debt, mezzanine and equity, according to the statement dated January 24 but released today on Sora’s website.
Greatland is located in the city of Paraíso with 20 condo towers and exclusive residential area with sites for hospitality, medical center and power center. The investment will represent Sora’s first incursion in Costa Rica.
“Sora Senior Living seeks to penetrate such market through a unique 8,000-bed carbon neutral development in the coast of Costa Rica, leveraging from investment track-record in the country and Costa Rica’s positive dynamics,” the company said in the statement.
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, Zignox learned and reported earlier this week. However the company’s statement doesn’t make any reference to these companies.
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. Costa Rica’s 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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