AXA Investment Managers - Real Assets (AXA IM - Real Assets) has moved into the Irish care home sector with the acquisition of a portfolio of ten care homes for an undisclosed sum.

The latest deal adds 600 beds and 52 additional independent living units to the €2bn managed healthcare portfolio of AXA IM - Real Assets.

The manager said it bought the portfolio in Ireland on behalf of a client from an undisclosed seller. The latest deal follows acquisitions on behalf of clients in the UK, Germany, Italy, Finland, Spain and in France.

Andrew Ovey, the head of healthcare at AXA IM - Real Assets, said: “This portfolio acquisition allows us to enter what is a fast-growing and demographically supported sector.

“Given the quality of the portfolio and its high occupancy rates, this investment is expected to offer our clients the opportunity to benefit from capital value growth across the portfolio as well as long-term, sustainable income.”

AXA IM - Real Assets said the Irish portfolio will be operated by Mowlam Healthcare.

Ovey said working alongside Mowlam should ensure AXA IM - Real Assets is well positioned to benefit from further opportunities which may arise in what is a “hugely fragmented and undersupplied market”.