Anne Heraty and husband to receive €100m in Trinity Care sale

Businesswoman Anne Heraty and her husband Paul Carroll are set to receive more than €100 million from the sale of the Trinity Care nursing and care home group in which they bought a 70 per cent stake nine years ago.

The deal comes as the duo prepare to bank almost €110 million in the coming months from the €318 million sale of CPL Resources, the recruitment company that Ms Heraty co-founded in 1989, to Japanese group Outsourcing. They own 34.9 per cent of Dublin-listed CPL. The takeover plan was announced in November but has yet to be completed.

Sites

Belgian property company Cofinimmo revealed on Monday evening that it has agreed to take over seven healthcare properties that are owned by Trinity Care in a €93 million deal. The seven Trinity Care facilities across counties Dublin, Kildare, Meath, Louth and Cavan have a combined 491 beds.

It subsequently emerged on Tuesday that Spanish care home operator DomusVi had bought the Trinity Care group, which operates the facilities, to gain a foothold in the market for an undisclosed sum and had entered a sale-and-leaseback deal on the properties with Cofinimmo. CBRE Ireland advised Trinity Care on the sale.

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The size of the deal is estimated by industry sources to be worth €150-€200 million, including another 120-bed nursing home that is due to open near Castleknock in west Dublin. Cofinimmo is also believed to be lined up to buy this property.

Ms Heraty and Mr Carroll are understood to own 70 per cent of Trinity Care through a holding company called Costern, meaning they stand to benefit at least €100 million from the sale.

Ms Heraty did not return a call seeking comment on the transaction.

Acquisition

“We are looking at further deals in Ireland and would love to invest more into the country, be it through acquisition of existing healthcare real estate or by the development of new assets,” a spokesman for Brussels-listed Cofinimmo told The Irish Times on Tuesday, adding that the company enters new countries with the aim of developing a “meaningful” presence.

“There is no predefined target to reach in our objectives. Cofinimmo will progressively build its presence in Ireland. However, part of our strategy is to diversify whether it is in terms of geography or in terms of healthcare specialities.

Cofinimmo said that the Republic, with about 30,000 nursing home beds, was “less equipped than most other European countries” to deal with an ageing population.

Stake

Ms Heraty and Mr Carroll took a majority stake in Trinity Care in 2012 as they backed company chief executive Keith Robinson’s purchase of an original four nursing homes out of receivership. Mr Robinson is understood to continue to hold a 30 per cent stake in the company.

“This transaction is yet another indication of the continuing consolidation of the nursing and care home sector across Europe and demonstrates just how much healthcare assets are of interest to investors,” said Cormac Megannety, director and head of the healthcare division with CBRE in Dublin, who advised Trinity Care.