A portfolio of five nursing homes offers an investor an opportunity to acquire a business of scale with the potential for further expansion, given expected future demand for nursing home care in Ireland.
Sold on behalf of receiver Gerard Murphy, the portfolio is being brought to market by Cohalan Downing at a guide price of in excess of €9 million for the five nursing homes.
Three of the five nursing homes – Conna and Bantry in Co Cork and Ballinasloe in Co Galway – are currently trading. The two remaining nursing homes, in Belgooly, Co Cork, and Callan, Co Kilkenny, are vacant. The portfolio, which comprises 272 beds, will be sold in one or more lots, but no guide price has been issued for the individual assets.
All of the nursing homes are purpose-built in well-located areas, offering an opportunity to acquire a portfolio of scale with potential for further expansion.
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Cohalan Downing said: “The Irish population is ageing and there is a shortage of nursing home beds in the country. The defensive characteristics of nursing homes are attractive to investors, and this portfolio offers a scale of bedrooms that will be attractive to established nursing home operators.”
A report last year from Sherry Fitzgerald found that the current supply of nursing home beds is close to capacity, with “at least 50,000 additional beds” required between now and 2051 to meet future demand.
The tender date for the sale is Thursday, November 21st, 2024.
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