The Irish healthcare real estate segment
Ireland has approximately 5 million inhabitants. With approximately 30,000 beds, the Irish nursing home sector is less equipped than most other European countries. According to Eurostat, the proportion of people aged 65 or more is expected to grow at a substantially higher pace than other European countries by 2040. As a result, demand for high-quality elderly care facilities is strong in Ireland.
The current supply of new nursing homes and care facilities throughout the country does not meet the increasing demand. The bed capacity should grow by roughly one third of the current capacity to keep up with demand in the short term. Additionally, a material part of the current stock will have to be renovated to meet modern comfort and safety norms.
Cofinimmo has the ambition to participate actively in the increase and upgrade of the Irish nursing home capacity. The company is well positioned to fulfil that ambition through its deep knowledge of European healthcare real estate and its 35 years of experience in developing and improving high-quality real estate assets.
In January 2021, Cofinimmo entered the Irish healthcare real estate sector with the acquisition of six nursing and care homes and one rehabilitation clinic.
The sites are situated in the most densely populated parts of Ireland. Six of the seven sites are located within the province of Leinster (2.5 million inhabitants), including five within the Greater Dublin region. The last site is located in the county of Cavan, situated in the province of Ulster (2 million inhabitants). All the sites are under operation and have a good energy performance (label B or C). They offer together a total surface area of approximately 39,500 m² and 491 beds.