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.
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.