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Cushman & Wakefield undertakes real estate valuation on the part of Belgian REIT Aedifica

12/03/2021

The acquisition augments Aedifica’s market share of the Irish market to 417 beds; and follows in quick succession from the groups February purchase of Brídhaven Nursing Home in Mallow.

The onward operator as with Brídhaven, will be the Virtue Group, a subsidiary of substantial French care group EMERA, who acquired a 70% stake holding within Q4 2020.

EMERA have an existing operational portfolio of approx. 6,500 nursing home bed spaces across 7 countries.

Cushman & Wakefield has undertaken the valuation of a 4 home, 233 bed nursing home portfolio as part of a sale and leaseback transaction involving two of Europe’s leading Healthcare specialists.

The portfolio of four homes provides a total of 233 beds as follows:

Location  No. of Beds 
Bunclody, Co Wexford  62
New Ross, Co Wexford  62
Killerig, Co Carlow  45
Christendom, Waterford  64
Total  233

 

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

Dermot Hughes commented “This constitutes the third sizeable nursing home sale and leaseback transaction, within the market this year, with close to €150M being invested to date. Notably, all three have emanated from Belgian based REIT’s in the form of Aedifica within March and February and prior to that Cofinimmo’s acquisition of the Trinity Care portfolio at the turn of the year. The roll out of European backed PropCo OpCo arrangements within the sector, is certainly gaining momentum. We’re delighted to have been assigned the valuation role in each instance.

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Valuation on the part of Belgian REIT Aedifica

The acquisition augments Aedifica’s market share of the Irish market to 417 beds; and follows in quick succession from the groups February purchase of Brídhaven Nursing Home in Mallow.

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