Nursing home group Carechoice has bought a 73-bedroom facility in Cork in a deal thought to be worth around €12 million.
Carechoice owns and runs nursing homes around the Republic, including counties Dublin, Cork, Meath and Waterford.
The company confirmed on Tuesday that it has bought Beaumont Residential Care nursing home, a 73 single-bedroom property in Cork, from directors and owners, Kieran and Fiona O’Brien.
Neither party revealed the price, but on the basis of recent deals struck by Carechoice, it is estimated at around €12 million. Earlier this year, the company paid a reported €10 million for a 59-bed home in Blackrock, Dublin.
The extra number of beds in Beaumont is likely to add around €2 million to the price for the Cork property.
Around two years ago, it paid an estimated €20 million for Marlay Nursing Home in Rathfarnham, a 124-bed facility.
The deal brings the number of homes in the group to 12, with total of 1,175 beds. Carechoice will employ 1,450 people.
The Cork property is a purpose-built private nursing on two acres of gardens in the Beaumont area of the city, which is on the southside, close to the Blackrock and Mahon suburbs.
Carefully chosen locations
Gerry Moore, Carechoice chief executive, said the deal would boost the company’s position as the Republic’s leading nursing home operator.
He added that it underlined the company’s strategy of growing in carefully chosen locations through acquisition or by expanding its existing businesses.
Kieran and Fiona O’Brien noted that their family had been running Beaumont Residential Care since 1989.
They pledged that residents would continue to receive the same high standard of care as always following the sale.
“We are delighted that Beaumont Residential Care is joining the CareChoice nursing home group,” they said.
Towerview was financial advisors and solicitors O’Flynn Exhams acted as legal counsel to Carechoice in the transaction.
O’Connor Pyne acted as financial advisor and BDM Boylan acted as legal counsel to the shareholders of Beaumont Residential Care.
