Aedifica, a Belgian listed company that specialises in investments in European healthcare real estate, has made its first investment in Ireland.
The company has acquired a fully operational purpose-built care home in Mallow, County Cork for €25 million.
“Aedifica acquires its very first healthcare property in Ireland, adding a seventh country to its portfolio and thus ensuring further diversification. Ireland provides an attractive investment opportunity for Aedifica, since the care market is still very fragmented and the rapidly ageing population will lead to increasing demand for healthcare real estate,” said Stefaan Gielens, CEO of Aedifica.
”Moreover, thanks to this acquisition, we continue to expand our collaboration with the Emera Group, an established European care operator with a proven operating model. We are very pleased with this important step forward in our European growth story and we are already working on the further development of our Group’s activities in Ireland,” he added.
Brídhaven care home is situated in a residential area of the well-known market town of Mallow (12,000 inhabitants, County Cork), approx. 35 km from Cork City (2nd largest city in the State) in the south-west of Ireland. The purpose-built care home dates originally from 2004 and was extended four times, the most recent extension being completed in 2016.
It accommodates 184 residents in spacious bedrooms with en-suite facilities that are specifically tailored to suit the needs of elderly people requiring continuous care.
The care home is configured around 5 self-contained living areas where residents enjoy the benefits of modern accommodation, each unit with its own staff. Brídhaven also contains accommodation specifically equipped for people with dementia.
Aedifica said the care home is let on the basis of a new irrevocable 25-year triple net lease that is fully indexed to the consumer price index. ”The initial net rental yield amounts to approx. 5.5%.”
Brídhaven care home is operated by Virtue, an established player with a solid track record and a management team that has over 35 years of experience in the Irish elderly care sector.
Virtue is part of the Emera Group, a private operator with more than 30 years of experience in the elderly care sector