Belgian firm Aedifica invests €36.5m in Dublin care homes

Belgian real estate investment trust Aedifica is investing €36.5 million in the acquisition of a care home and the construction of a new one in the greater Dublin area.

Aedifica, which only entered the Irish market earlier this year, now has a portfolio under management locally that is worth nearly €90 million.

The healthcare-focused trust's latest investment sees it funding the development of a new care home known as St Doolagh's in Balgriffin and the acquisition and extension of Millbrook Manor in Saggart. Completion of the projects, which have a combined capicity for 182 residents, is forecast for the third quarter of next year.

Both care homes will be managed by Coolmine Caring Services Group.

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Millbrook Manor is costing the group €18 million with a further €4 million to be spent on renovations. St Doolagh’s has cost Aedifica €5 million, with a further €14.5 million set aside for constuction works.

The investments bring to seven the number made by the group since it entered the Irish market with a deal to acquire the Bridhaven care home in Mallow, Co Cork, in a €25 million transaction in February.

Aedifica, which is listed on Euronext Brussels, has over 510 sites worth more than €4 billion across Ireland, Belgium, Germany, the Netherlands, Britain, Finland and Sweden.