Belgian listed healthcare property specialist Aedifica will invest around €43.5 mln in the construction of three purpose-built care homes in Ireland.
The three care homes will be located in residential areas of Waterford City (54,000 inhabitants), Kilkenny (28,000 inhabitants) and Tramore (10,000 inhabitants), three locations in the Southeast of Ireland.
The assets, with total capacity for 273 residents, will be operated by Mowlam Healthcare on the basis of new irrevocable 25-year triple net leases and are expected to be delivered between the third quarter of 2022 and the first quarter of 2023. Upon completion of the works, the initial net rental yield will amount to approx. 5.5%.
Stefaan Gielens, CEO of Aedifica, commented: 'Aedifica continues to expand its healthcare real estate portfolio in Ireland. Delivering on our sustainability commitments, all three care homes will be nearly zero-energy buildings. This transaction will further strengthen our position and visibility in the Irish market, increasing our portfolio in Ireland to more than €180 mln upon completion of all development projects.'