Belgian nursing home group Care Property buys Cork centre for €7.5m and ‘aspires for more’

Property

The agreement, subject to conditions, to acquire the 51-resident Skibbereen Residential Care Centre was agreed last week. Stock image/ Maskot/Getty

Sean Pollock Email

January 15 2023 02:30 AM

Belgian-listed Care Property Invest has agreed to buy a residential care facility in Skibbereen in a deal worth around €7.5m as it shares hopes to acquire more properties in Ireland in the “near future”.

The agreement, subject to conditions, to acquire the 51-resident Skibbereen Residential Care Centre was agreed last week.

who will operate the centre under a 25-year leasehold agreement.

Peter Van Heukelom, chief executive of Care Property, said the deal was the company’s latest move in its Irish expansion plan.

“Signing the agreement to acquire this up-and-running residential care centre marks another step forward in Care Property Invest's Irish growth trajectory,” he said. “Additionally, we are pleased to partner with experienced healthcare operator Brookhaven Healthcare for the second time.

It is the second time Care Property has entered into a partnership with Irish healthcare operator Brookhaven Healthcare

“We currently have seven effectively acquired residential care projects on Irish soil and aspire to further increase this number in the near future.”

Brookhaven currently operates six residential care centres throughout Ireland, totalling 472 beds, offering both premium long-term and convalescence care. The company is led by chairman and CEO Tim Murphy and is headquartered in Malahide, Co Dublin.

With the addition of Skibbereen Residential Care Centre to its growing portfolio, Brookhaven Healthcare will increase its capacity to 523 beds across seven residential care centres.

Care Property has developed an international portfolio of 146 healthcare projects, spread across Belgium, The Netherlands, Spain and Ireland. It had a market capitalisation on Euronext Brussels of approximately €459m.

In December, Care acquired a yet-to-be-developed Irish residential care centre called the 'Sugarloaf Care Centre' in Co Wicklow

The Belgian company first entered the Irish market last February when it acquired Ballincurrig Care Centre in Co Cork for €6.2m.

In December, Care acquired a yet-to-be-developed Irish residential care centre called the 'Sugarloaf Care Centre' in Kilmacanogue, Co Wicklow. The project is set to accommodate 119 residents and has a total investment value of around €23.4m. Its planned delivery date is in the fourth quarter of 2024.