Belgian healthcare REIT Aedifica is investing €36.5 mln to expand its portfolio of care homes in Ireland.
The company has acquired a fully operational care home and a still-to-be-built facility, both located in the Greater Dublin area.
The transaction reflects an initial net rental yield of around 5.5%. Both homes will be operated by Coolmine Caring Services Group.
Millbrook Manor care home is situated in Saggart, part of the Greater Dublin Area. Built in 2015, it currently accommodates 63 residents and is to be extended to house 85 residents.
St Doolagh’s care home will be constructed in Balgriffin, also part of the Greater Dublin Area, and will house up to 97 residents. Construction works will start shortly and are expected to be completed in the third quarter of 2022.
Stefaan Gielens, CEO of Aedifica, said: ‘Thanks to this transaction, we strengthen our position and visibility in the Irish market, increasing our portfolio to nearly €90 mln. In addition, we start a collaboration with a new care home operator in Ireland, the Coolmine Caring Services Group.’
