Cork investment firm BlackBee is preparing to exit the nursing home sector and has appointed the adviser PwC to devise a sales strategy for its portfolio of 12 care home properties, all of which are based in Munster.
It comes just over two years since the firm launched a €250 million fund that it said would build 1,000 state-of-the-art single en suite beds and fund the acquisition of 750 existing beds operating under a new brand, Aperee.
BlackBee raised tens of millions of euros from investors, mostly retail clients, to fund the purchase of nursing homes, first under the Ditchley Group and then under the Aperee franchise, which is headed by Paul Kingston. Last year Aperee took over the operation of the Ditchley homes. In total, BlackBee investors control about 700 beds.
In a recent update to investors, the firm said it had engaged a corporate adviser to lead the sale of the nursing home properties. “Various transaction types are being assessed,” it added.
Ditchley investors were told that a “strategic decision has been taken to market the nursing home via an open market as part of a real estate portfolio”. It said: “High institutional investor demand for government-supported real estate cash flows will facilitate a successful exit mechanism for investors.”
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Ditchley operates seven nursing homes in Munster. Aperee homes include Padre Pio nursing home in Churchtown, Co Cork.
BlackBee could not be reached for comment.
