AXA IM Acquires 10 Irish Care Homes
AXA Investment Managers — Real Assets has completed the acquisition of 10 purpose-built care homes in Ireland on behalf of a client.
The portfolio consists of 600 beds and 52 independent living units and, according to AXA IM, is almost fully occupied. The homes are all single-storey and have been built since 2002.
The properties are located in Dublin, Limerick, Galway, Sligo, Waterford, Wexford and Kilkenny.
All 10 are currently operated by Mowlam Healthcare, which has agreed to new 25-year, triple-net leases. Mowlam is the largest care and nursing home operator in Ireland, managing 1,500 beds across 27 facilities.
It’s the first acquisition by AXA IM’s €2B managed healthcare portfolio in the Irish senior housing sector.
“This portfolio acquisition allows us to enter what is a fast growing and demographically supported sector,” AXA IM – Real Assets Head of Healthcare Andrew Ovey said.
“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.
“At the same time, working alongside Ireland’s market leader Mowlam Healthcare should ensure we are well positioned to benefit from further opportunities which may arise in what is a hugely fragmented and undersupplied market.”
