Aedifica pays €161m for four care properties in Dublin

Aedifica pays €161m for four care properties in Dublin
Loughshinny Nursing Home – Skerries (Dublin)

Belgian healthcare real estate company Aedifica has invested €161 million in the acquisition of two brand-new care homes and a transitional care unit, and the forward purchase of a care home under construction in Dublin (Ireland).

Aedifica acquired ownership of Loughshinny Nursing Home, Northwood Nursing Home and Beaumont Lodge.

The company also signed an agreement for the forward purchase of Clondalkin Nursing Home. Aedifica will acquire ownership of the building upon completion of the construction works in 2023.

The total contractual value (including Clondalkin Nursing Home upon completion) amounts to approx. €161 million of which €125 million has already been paid.

Stefaan Gielens, CEO of Aedifica, commented: “Aedifica continues to expand its Irish healthcare real estate portfolio by investing approx. €161 million in four Dublin care properties. The transaction will further strengthen our position and visibility in the Irish market and contributes immediately to the Group’s results. Our portfolio in Ireland will now increase to nearly €460 million upon completion of all development projects. Thanks to this transaction, we are expanding our collaboration with Bartra Healthcare, an established care home operator in Ireland.”

Loughshinny Nursing Home and Northwood Nursing Home are brand-new care homes completed in 2019 and 2020. Beaumont Lodge (completed in 2020) is Ireland’s largest transitional care unit, i.e. a short-term care facility where patients stay for step-down care after being discharged from an acute care facility before transitioning to home or to another care setting. Transitional care is funded through a contract with Ireland’s publicly funded Health Service Executive (HSE).

The three buildings have located in residential areas in Skerries, Santry and Coolock, all part of the Greater Dublin Area (1,900,000 inhabitants, County Dublin).

Clondalkin Nursing Home is currently being developed in a residential area in Clondalkin, also part of the Greater Dublin Area. It will accommodate up to 150 residents in spacious ensuite bedrooms that are specifically tailored to suit the needs of elderly people requiring continuous care. Contributing to the continued improvement of the sustainability of Aedifica’s real estate portfolio, the building will use energy-efficient systems, which should result in an ‘A2’ BER. Construction works have already started and are expected to be completed in the third quarter of 2023.

The care properties will be operated by Bartra Healthcare, currently operates approx. 462 beds in three residential care facilities in Dublin.