Insight

Belgian REIT Aedifica Acquires Four Bartra Healthcare Properties

29/08/2022
Belgian REIT Aedifica Acquires Four Bartra Healthcare Properties

On 19 August 2022, Bartra Healthcare announced that it has sold a portfolio of nursing homes to Belgian Real Estate Investment Trust (REIT) Aedifica for approximately €161 million. The portfolio, which has capacity for 617 residents, consists of two brand new nursing homes located in Loughshinny (Skerries) and Northwood (Santry), HSE transitional care unit in Beaumont (Artane), and the forward purchase of Clondalkin Lodge nursing home, which is currently under development.

Declan Carlyle, CEO of Bartra Healthcare. Photo was taken outside of the Loughshinny nursing home.

Declan Carlyle, CEO of Bartra Healthcare, said: “This is a very exciting and positive step for Bartra Healthcare and our team. The transaction further strengthens our position in the Irish nursing home sector, and we are looking forward to developing our services and expanding our portfolio of homes.

“Aedifica represents a great partner and fit for us regarding our ethos and values, and it is important to note that neither residents nor employees will be impacted by the change in ownership. Bartra Healthcare will also operate Aedifica’s care home that is currently under development in Crumlin.”

All of the acquired healthcare properties will continue to be operated under long-term leases by Bartra Healthcare with no impact on residents and all employee terms and conditions will be maintained.

What does the acquisition mean for IIP investors?

Bartra’s business plan for its IIP funded Nursing Homes was based on:

1. Identifying sites for a portfolio of new, high-quality nursing homes/ transition care facilities;
2. Delivering these facilities on time and on budget;
3. Staffing and operating these facilities in accordance with strict regulatory standards;
4. Once the facilities were operational, selling the portfolio to an institutional investor; and
5. Using the proceeds of sale to repay IIP investors.

Bartra has delivered on all aspects of the business plan provided to IIP investors for these homes (Clondalkin is still in construction) and will commence repaying investors in September 2022.  Bartra will now move on to the next batch of Nursing Homes it intends to develop under the IIP programme, having clearly demonstrated its ability to deliver on business plans set out to investors.