Mowlam Healthcare signs new lease agreements with AXA Investment Managers
Mowlam Healthcare is pleased to confirm that the acquisition of a portfolio of ten purpose-built nursing homes in Ireland by AXA Investment Managers – Real Assets (“AXA IM – Real Assets”) will enable it to concentrate on and significantly expand the provision of its premium nursing home service across Ireland.
The portfolio acquired totals some 600 beds and 52 additional independent living units and is almost fully occupied. These modern facilities which have all been purpose-built since 2002 will be operated by Mowlam Healthcare – the country’s largest operator of private nursing homes – under new 25-year leases. Jones Lang LaSalle (JLL) London and Dublin facilitated the deal.
AXA IM – Real Assets, which acquired the portfolio on behalf of a client, is a global leader in real asset investments, active in care/nursing homes among other areas and has similar investments across Europe, including Germany, Italy, Finland, Spain and UK.
Pat Shanahan, Chairman, Mowlam Healthcare commented: “Working with AXA IM – Real Assets is a perfect mix of Europe’s leading healthcare real estate owner and Ireland’s largest private operator of nursing home care, which has been operating here for 20 years. This will enable us to do what we do best, which is provide a premium level of care, activities and facilities for our residents, while the relationship will also enable us to advance our plans to bring that gold standard care service to more parts of the country as we look to operate more homes.”
Andrew Ovey, Head of Healthcare at AXA IM – Real Assets, commented: “This portfolio acquisition allows us to enter what is a fast-growing and demographically supported sector. Given the quality of the portfolio and its high occupancy rates, this investment is expected to offer our clients the opportunity to benefit from capital value growth across the portfolio as well as long-term, sustainable income.
“At the same time, working alongside Ireland’s market leader Mowlam Healthcare should ensure we are well positioned to benefit from further opportunities which may arise in what is a hugely fragmented and undersupplied market.”