Nursing home group Carechoice has bought a 59-bedroom facility in Dublin in a deal thought to be worth €10 million.
Carechoice owns and runs nursing homes around the Republic, including counties Dublin, Cork, Meath and Waterford.
The company confirmed on Wednesday that it has bought Newtownpark House, a 59-bed facility in Blackrock, south Dublin, boosting its presence in the capital to five nursing homes.
Neither party revealed the price paid for the home, but, based on industry values and the prices paid by the group for other facilities in Dublin, the deal is thought to be worth about €10 million.
The move means that Carechoice now owns 11 nursing homes in the Republic with a total of 1,100 residential care beds and a staff of 1,350.
According to a statement, Newtownpark House is the only fully private nursing home in the Republic. Its three-acre grounds include 12 retirement bungalows.
It is the second home that Carechoice has bought in south Dublin. Around two years ago, it paid a reported €20 million for Marlay Nursing Home in Rathfarnham, a 124-bed facility.
Strategy
The company said on Wednesday that the deal underlines its strategy of becoming the Republic’s leading nursing home operator through buying properties in carefully selected locations and by growing its existing business.
Gerry Moore, Carechoice chief executive, said that the deal boosted the company's position as the leading Irish nursing home operator.
“We look forward to working with Newtownpark House to further expand its facilities and services, to meet the needs of the local growing elderly population,” he added.
Tommy Keane, managing director of Newtownpark House, noted that the family-run nursing home first opened in 1987.
“We are delighted that Newtownpark House is joining the Carechoice nursing home group,” Mr Keane said.
Towerview was financial advisor and solicitors Mason Hayes & Curran acted as legal counsel to Carechoice on the transaction.
JPA Brenson Lawlor acted as financial advisor and Simmons & Simmons acted as legal counsel to the shareholders of Newtownpark House.
