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€250m fund to create Ireland's largest residential care home group

Written by Robert McHugh, on 22nd Jul 2019. Posted in General

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BlackBee Group has today launched a new healthcare investment fund which they say 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.

Welcoming the investment, 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."

Executive Director of BlackBee Group, David O’Shea added, "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."

Source: www.businessworld.ie

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