Cork nursing home the first purchase by Blackbee fund

The fund is seeking to raise €250m to invest in the acquisition and development of care homes, with the money being targeted from both institutional and professional private investors.

Cork nursing home the first purchase by Blackbee fund

Residential care home operator Aperee has announced its first acquisition with the completion of a transaction to acquire Padre Pio Nursing Home in Mallow, Co Cork, for an undisclosed sum.

Aperee was recently established as the operational arm of the Blackbee Healthcare Fund.

The fund is seeking to raise €250m to invest in the acquisition and development of care homes, with the money being targeted from both institutional and professional private investors.

Blackbee said the fund’s creation will result in the creation of Ireland’s largest residential care group.

Aperee chief executive Paul Kingston said the 52-bed facility in Mallow is the first of a number of acquisitions of existing homes Aperee aims to acquire in the next 12 to 18 months.

Ireland’s population currently has 637,000 over-65s and 67,000 over-85s.

By 2040 it is estimated that this will increase to 1.2m people aged over 65, and 216,000 over-85s.

Blackbee points out that Ireland has a current supply of approximately 30,000 residential beds, but, by 2040, the demand will need to increase to approximately 59,000.

Along with acquiring 1,100 existing care home beds, Blackbee is also planning to construct 900 single ensuite beds and said a number of target sites and existing homes have already been identified.

Mr Kingston said: “We are interested in acquiring homes who have an excellent reputation of care and the home itself is modern and has a capacity to expand, Padre Pio meets all these requirements, and we look forward to continuing the excellent care provided under the stewardship of Shane and Mary.

“We also look forward to continuing to serve the needs of our residents in Padre Pio, ably led by director of nursing Elaine Murphy and her team.”

Departing owner Shane McCabe said: “We are delighted that an experienced sector professional team like Aperee, who share our care ethos, led by Paul Kingston who has 20-plus years experience in the sector, has acquired our home and have no doubt they will continue the same ethos of care we have delivered over the previous 15 years.”

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