AXA Investment Managers – Real Assets has completed, on behalf of a client and as part of its structurally supported alternative asset classes strategy, the acquisition of a portfolio of 10 purpose-built care homes in Ireland.
The portfolio will be operated by Mowlam Healthcare, Ireland’s largest care/nursing home operator with 1,500 beds across 27 facilities, under new 25-year triple-net leases.
The portfolio totals some 600 beds and 52 additional independent living units, and is almost fully occupied. The single-story, modern homes have all been purpose-built since 2002, with approximately 80 percent of the portfolio featuring en-suite wet rooms and are situated across Ireland.
The Irish care home market is characterized by high occupancy rates and favorable demand/supply dynamics, fueled by a lack of development activity during and immediately following the global financial crisis as well as ongoing high barriers to entry. The share of the Irish populatio
