July 23, 2019 Finance

BlackBee Group launches €250m fund to create Aperee, Ireland’s largest residential care home group

BlackBee Group recently launched a new healthcare investment fund, which will result in the creation of Ireland’s largest residential care group. The fund will initially seek to raise €250m to invest in the acquisition and development of state-of-the-art care homes, with the money being targeted from both institutional and professional private investors.

The investment will initially see the construction of 1,000 new state of the art single ensuite beds and the acquisition of 750 existing beds operating under a new brand, Aperee. Over 1,500 new jobs will be created, 1,000 existing jobs will be sustained and a further 800 will be supported, under these plans, during construction.

A number of target sites and existing homes have already been identified and Aperee expects to acquire two to three homes before the end of 2019. Construction on new sites is set to commence in early 2020.

BlackBee Group sees this as an investment that will set new care standards, offers transformative social impact, whilst simultaneously driving the economy.

Ireland’s population currently has 637,000 over 65s and 67,000 over 85s. By 2040 it is estimated that this will increase to a staggering 1.2 million over 65s and 216,000 over 85s. Ireland has a current supply of approximately 30,000 residential beds but by 2040 the demand will need to increase to approximately 59,000.

David O’Shea, Executive Director of BlackBee Group says; “Through this innovative healthcare fund, the first of its kind in Ireland, we plan to use private investment to revolutionise the residential care home market. This fund is designed to show how the private sector can actively support the public sector by providing a supply of quality care home beds to meet the rapidly growing demand. Investors will benefit from a real return, while those using the homes will still have prices set by the National Treatment Purchase Fund. Residents and their families will benefit from Aperee’s expertise and a new standard of care at the same cost as its competitors.”

Tánaiste Simon Coveney said: “Thankfully we are living healthier and longer lives in Ireland and will need new options for caring for our older population who still have a lot to give. I want to wish Blackbee and Aperee every success with this investment and I look forward to seeing these new facilities coming on stream.”

The operational arm of the fund, Aperee, will be led by CEO Paul Kingston, who has over 22 years experience in the residential care sector. Paul says; “I am delighted to join such a dynamic team as BlackBee, and we will work together to ensure we deliver exceptional standards of facilities and most importantly care to those who deserve to receive the best of everything. I am also delighted that Alf Smiddy has decided to join as chairperson of the board of Aperee and assist myself and the senior management team on this journey.”

The BlackBee Healthcare fund is due to open in September.


Pictured above: David O’Shea


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