Irish billionaire investors to benefit in €6bn sale of UK nursing home group

John Magnier, left, Dermot Desmond, centre, and JP McManus co-owned the Barchester Group. Picture: Matt Browne

The acquisition of the Barchester nursing home group in the UK is to deliver an almost €6bn payday for three of Ireland's best-known financiers.

US property investment firm Welltower confirmed it has acquired the group, which is co-owned by three of Ireland's best-known and most successful businessmen, JP McManus, John Magnier and Dermot Desmond.

In a business update, Welltower confirmed it had acquired the real estate portfolio of 284 Barchester-operated seniors housing communities for £5.2bn (€5.9bn).

They said the portfolio has significant long-term growth potential that is expected to accrue to its shareholders. The portfolio will continue to be managed by Barchester under contract. It includes 21 schemes under development that will be delivered between the end of 2025 and the first quarter of 2028.

"Barchester is well-positioned to continue delivering the highest quality care to seniors with the current management team remaining in place," Welltower said.

Earlier this month, accounts for Barchester show the group saw pre-tax profits rise 44% to £54.8m (€63.18m).

Consolidated accounts show that the business recorded the sharp rise in profits as revenues increased by £95.8m or 11% from £871.04m to £966.8m.

Barchester is the UK’s second largest nursing home operator and provides 14,849 registered beds, spread across its portfolio of 232 registered services, with the largest proportion located within London and the South East. Numbers employed at the group increased by 950 from 16,250 to 17,200.