About — AEDISAN

The decision

Why we closed the door on everything but care

Twelve years of developing residential property on the Costa del Sol taught us where the value in development actually sits — and where it does not.

Residential development is a good business run well. But its shape is fixed: you buy land at market price against competing bidders, you carry the cost of the build, and then you sell the result one unit at a time to buyers who have not yet decided to exist. The developer's central risk is absorption — whether enough strangers turn up, at the price you modelled, inside the window your financing allows.

Healthcare and care buildings invert almost every part of that. The tenant is identified before the land is bought. The lease is signed before the ground is broken. The building is designed to one brief rather than to a market's average taste. And the buyer at the end is an institution acquiring contracted income, not a queue of individuals buying a lifestyle.

That inversion is the entire reason Aedisan exists.

The reasons

Eight reasons, none of them a hunch

Demand that ignores the cycle

Coastal residential moves with sentiment, currency and foreign appetite. Care demand is demographic. It arrives on schedule whether or not the market is in a good mood, and it does not go away in a bad year.

One tenant instead of two hundred buyers

A whole building let to a single credit operator replaces the slow, expensive work of selling units one at a time. Absorption risk — the thing that actually kills developers — is removed at the start rather than managed at the end.

Land almost nobody can buy

Land restricted to health and care uses clears below open-market value because the buyer universe is tiny. Twelve years of reading the same land registry is what makes those parcels visible in the first place.

The lease comes before the crane

Underwriting backwards from a signed covenant is a fundamentally different exercise from underwriting forwards from a sales forecast. One is arithmetic. The other is hope with a spreadsheet around it.

The buildings genuinely do not exist

Operators across Spain work out of converted villas, ageing apartment blocks and retail units. The demand grew; the stock never did. That gap is not a market opinion — it is visible from the street.

An institutional buyer at the end

Long, indexed, guaranteed income on a specialist asset is precisely the product Spanish SOCIMIs and European healthcare REITs exist to acquire. Residential exits to individuals; this exits to balance sheets.

The craft transfers whole

Land sourcing, planning, licensing, contractor selection, cost control, programme, delivery. Every hard-won part of residential development applies unchanged. The only thing that improves is the counterparty.

It is worth building

A clinic or a residence outlasts the cycle that produced it, and it is used for something that matters at the moment it matters most. That is not a financial argument. It is still a reason.

What came with us

What twelve years in residential actually buys you

A land network on the Costa del Sol that took a decade to build, and the ability to tell in a morning whether a parcel is worth a lawyer.
Working relationships with the town halls whose planning departments decide how long a project takes.
Contractor and cost knowledge in Andalucía — what a build really costs here, and which quotations are fiction.
A tolerance for Spanish licensing timelines that only comes from having been surprised by them.
The habit of delivering to a fixed programme, because in residential a late building is a broken chain of buyers.

None of that transfers to a spreadsheet. All of it transfers to a site.

The founder

Richard Lovett

Richard Lovett, Marbella.

FOUNDER & DIRECTOR

Richard has spent twelve years developing residential property on the Costa del Sol through Yōso House S.L., the Spanish company behind Aedisan. He is based in Málaga province.

He runs the platform's work himself rather than through layers: the land search and the urbanistic checks, the operator conversations, the model that goes to the bank and to the investor in the same form, and the build. Aedisan is that experience narrowed deliberately to one kind of building.

The company's habits are his: nothing committed without a covenant behind it, one set of figures for everyone, and the view that a building for health or care should still be standing — and still be worth operating — thirty years after the deal that produced it.

Twelve years of building, pointed at one thing

Why we closed the door on everything but care

Eight reasons, none of them a hunch

What twelve years in residential actually buys you

Richard Lovett

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