AXA enters Irish care home sector with portfolio deal

Global asset manager AXA Investment Managers - Real Assets (AXA IMRA) has acquired a portfolio of ten purpose built care homes in Ireland.

Financial details were not disclosed.

The portfolio will be operated by Mowlam Healthcare, Ireland’s largest care home operator with 1,500 beds across 27 facilities, under new 25-year triple net leases.

'This portfolio acquisition allows us to enter what is a fast growing and demographically supported sector,' said Andrew Ovey, head of healthcare at AXA IMRA.

'Given the quality of the portfolio and its high occupancy rates, this investment is expected to offer our clients the opportunity to benefit from capital value growth across the portfolio as well as long-term, sustainable income,' Ovey added.

The portfolio totals some 600 beds and 52 additional independent living units, and is almost fully occupied. The single story homes have all been purpose-built since 2002, and are situated across Ireland.

This transaction extends AXA IMRA’s €2 bn managed healthcare portfolio into the Irish senior housing sector. It follows acquisitions on behalf of clients in the UK, Germany, Italy, Finland, Spain and in France, where a portfolio of eight Paris care homes was purchased last year.


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