Brussels-listed healthcare property company Aedifica has invested €126 million in two portfolios, one comprising five homes in Jersey and the Isle of Man, the other consists of three homes in Ireland. The deals will increase Aedifica’s capacity by a total of more than 600 residents.
Aedifica has paid £46 million for the four homes on Jersey and one on the Isle of Man, operated by LV Care Group, part of Emera Group. The price represented a yield of about 6%.
The portfolio comprises two modern, purpose-built care homes, two converted hotels and a long standing care campus. Three of the assets will be extended and reworked at a cost of about £12 million to provide additional bedrooms and communal living areas and will be completed in 2023 when they will have a total of 283 en-suite bedrooms for seniors requiring continuous care.
“This transaction will further strengthen our position and visibility in the British market, increasing our portfolio in the United Kingdom, including Crown Dependencies Jersey and Isle of Man, to over €1 billion upon completion of all development projects,” Aedifica UK country manager Bruce Walker said.
The company also acquired an apartment building and a development plot adjacent to the St. Joseph’s care home for about £9 million but says these non-strategic assets will be sold within the coming 12 months.
The portfolio in Ireland entails a total investment of about €57 million. The three care homes were completed during the first quarter of 2022 in Dundalk and Duleek in North East Ireland and in Riverstick, South West Ireland (pictured).
The care homes accommodate a total of up to 346 elderly people requiring continuous care. The deal increases the company’s portfolio in Ireland to nearly €270 million.
The Irish properties will be operated by Silver Stream Healthcare.
Author: Paul Strohm
Source: Real Asset Insight