Belgian healthcare REIT Aedifica has expanded its Irish healthcare portfolio with the acquisition of four care properties in the Greater Dublin area for around €161 mln.
The assets comprise two brand-new care homes and a transitional care unit, as well as a care home under construction which Aedifica is forward funding.
The properties provide accommodation for 617 residents in total and will be operated by Bartra Healthcare.
The deal represents an initial net rental yield of around 5%.
Loughshinny Nursing Home and Northwood Nursing Home were completed in 2019 and 2020. Beaumont Lodge (completed in 2020) is Ireland’s largest transitional care unit.
Clondalkin Nursing Home is currently being developed in a residential area in Clondalkin, also part of the Greater Dublin Area. Construction works have already started and are expected to be completed in the third quarter of 2023.
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.’
