Aperee makes first two investments in Irish nursing home market

€12m spend on Cork and Kerry properties is part of €250m plan to secure 1,700 beds

Aparee is understood to have paid around €5 million for the 52-bed Padre Pio nursing home in Mallow, Co Cork

Aparee is understood to have paid around €5 million for the 52-bed Padre Pio nursing home in Mallow, Co Cork

 

Residential care home operator, Aperee, has made made its first two investments in the Irish market, with the acquisition of nursing homes in Cork and Kerry.

In the first instance, Aperee is understood to have paid around €5 million for the 52-bed Padre Pio Nursing Home in Churchtown, Mallow, Co Cork. The second deal, which it completed last week, involved the acquisition of the 64-bed Cúil Didín Nursing Home in Tralee, Co. Kerry for a figure understood to be in the region of €7 million.

Established recently as the operational arm of the Blackbee Healthcare Fund.The BlackBee Group launched the new healthcare investment fund, with the aim of creating Ireland’s largest residential care group. The fund is seeking to raise € 250 million to invest in the acquisition and development of modern care homes, with the money being targeted from both institutional and professional private investors.

The BlackBee Healthcare Fund will initially see the construction of 600 new state of the art single ensuite beds and the acquisition of 1,100 existing beds. Over 1,000 new jobs will be created, 1,500 existing jobs will be sustained and a further 800 will be supported, under these plans, during construction. A number of target sites and existing homes have already been identified.

Commenting on the completion of Aperee’s first two transactions, the company’s CEO, Paul Kingston, said: “We are interested in acquiring homes with an excellent reputation of care, that are modern and have the capacity to expand, Both Padre Pio and Cúil Didín meet all these requirements and we look forward to continuing the excellent care provided under the stewardship of their respective teams.”