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Cushman & Wakefield undertakes valuation on the part of Cofinimmo, in sale and lease back of the Trinity Care Nursing Home Portfolio, in Ireland

19/01/2021

The acquisition marks Cofinimmo’s entry to the Irish marketplace, by way of a €93M sale and leaseback, in conjunction with leading European operator and likewise new entrant DomusVi.

Cushman & Wakefield has undertaken the valuation of a 7 home, 491 bed portfolio as part of a sale and leaseback transaction involving two of Europe’s largest Healthcare specialists.

The transaction marks both parties’ entry within the Irish nursing home sector.

Belgian based REIT Cofinimmo are listed on the Euronet Brussells (BEL 20) and have an existing European healthcare portfolio of approximately €2.7bn; with assets spread across Belgium, France, the Netherlands, Germany, Spain and now Ireland. This comprises of 211 facilities and more than 19,400 beds across 6 countries, with an average unexpired lease term of more than 16 years. The healthcare sector accounts for 59% of the groups overall property portfolio, which has a total worth of approx. €4.6bn.

The French registered operator DomusVi, has a reported net worth of €245M and is a leading provider of accommodation, assistance and care facilities within France, Spain, Portugal and worldwide. It operates close to 400 nursing homes, 17 senior residential homes, more than 20 psychiatric hospitals and centres for the disabled as well as multiple home-care agencies. It is currently a top 3 operator in both France and Iberia.

The portfolio of seven modern nursing homes provides a total of 491 beds as follows:

Location

No. of Beds

St Doolagh’s Balgriffin, Dublin

72

Anovocare, Swords, Dublin

89

Foxrock, Dublin

41

Suncroft, Co Kildare

60

Gormanston Wood, Gormanston, Co Meath

89

St Peter’s, Castlebellingham, Co Louth

69

Castlemanor, Drumalee, Co Cavan

71

Total

491


The majority of the nursing homes are within the Greater Dublin Area and range in date from 1999 to 2016; with all but one being constructed post 2000.

The acquisition represents the first significant transaction to take place within the Irish nursing home market in 2021 and is one of the most significant sale and leaseback transactions within the sector in recent years.

The Cushman & Wakefield Irish Healthcare team undertook a valuation of the portfolio as part of Cofinimmo’s acquisition process.

Dermot Hughes commented “We are delighted to have been involved in the provision of valuation services to Cofinimmo as part of this transaction. The acquisition bodes well for the Irish healthcare market and demonstrates the high level of confidence within it; with two such key principal European entrants. It provides a strategic platform to both parties, for onward expansion within Ireland.”

 

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