Cofinimmo enters Irish healthcare real estate market

Cofinimmo enters Irish healthcare real estate market
Image: Courtesy of Cofinimmo

Belgian real estate company Cofinimmo has entered the Irish healthcare real estate market by acquiring seven healthcare sites – six nursing and care homes and one rehabilitation clinic – for €93 million.

All the sites are let to DomusVi Group which is a provider of accommodation, assistance and care home to people impaired due to age or illness in Europe.

For each of the seven sites a triple net lease has been concluded for a fix term of 15 years. The rents will be indexed annually according to the Irish consumer price index and the gross rental yield will be in line with the current market conditions.

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“This first transaction in Ireland enables Cofinimmo not only to further diversify its geographical presence in the European healthcare real estate segment but also the type of assets pertaining to its healthcare portfolio. Furthermore, the group adds another major European player to its partners. DomusVi is already a leading operator in several countries in Europe and we are pleased to be able to support them in their growth ambitions in Ireland,” said Jean-Pierre Hanin, CEO of Cofinimmo.

The sites are situated in the most densely populated parts of Ireland. Six of the seven sites are located within the province of Leinster (2.5 million inhabitants), including five within the Greater Dublin region. Castlemanor (Cavan) is located in the province of Ulster (2 million inhabitants).