A LIMERICK nursing home owner has sold its Castletroy-based home to a Belgian property investor.
Mowlam Healthcare, operators of The Park nursing home in Castletroy, have sold the care home to the Cofinimmo group through a contribution-in-kind deal worth an approximated €7million.
101,495 new shared were issued by Cofinimmo following the sale.
Cofinimmo have signed a lease with Mowlam Healthcare, allowing them to oversee the running of the site for the next 25 years.
The Park nursing home was built in 2008 and has been operated by Mowlam since its opening.
It offers 56 bed spaces in en-suite rooms.
Founded in 2000, Mowlam Healthcare operates a total of 27 nursing and care homes and consisting of approximately 1,660 beds nationwide.
Jean-Pierre Hanin, CEO of Cofinimmo said: “Following our entry in 2021, we are pleased to add one site to our healthcare portfolio in Ireland through a contribution in kind and the issuance of new shares.”
“This acquisition, although modest in size, is meant to initiate a partnership with Mowlam Healthcare, a leading healthcare player in Ireland, as well as further diversify our tenant portfolio.”
According to Cofinimmo’s website, the company aims to “provide high quality care, living, and working spaces to partner-tenants that directly benefit their occupants.”
The company have a European healthcare real estate portfolio worth over €4.5billion.
