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Delsk acquires Wicklow Nursing Home for €9.5m 2017-12-21 16:20:01

Investment in nursing home project to protect investor capital in Irish Immigrant Investor Programme

Target to invest in excess of €300m in Ireland over next 5 years

Delsk acquires Wicklow Nursing Home for €9.5m

FTI Consulting
Jonathan Neilan
+353 1 765 0886
Melanie Farrell
+353 1 765 0883

Delsk, the international investment company primarily focused on cross-border investment programmes is pleased to announce it has acquired a Wicklow Nursing Home (the “Nursing Home”) project for €9.5 million in a sale process managed by Receiver, Neil Hughes of Baker Tilly.

The Nursing Home, which is located at Kilcoole, County Wicklow, was acquired by Salross Ltd, a subsidiary of Delsk, following a competitive bidding process run by the Receiver. Delsk acquired the Nursing Home in order to protect the investments of 22 international investors who originally invested in the development of the Nursing Home project, with Delsk and a former joint-venture partner, under the Department of Justice and Equality Irish Naturalisation and Immigration Service’s (INIS’) Immigrant Investor Programme (IIP).

The Nursing Home is a new nursing home development which can accommodate 89 residents and will employ 77 part-time and full-time staff; in addition to the 115 jobs creating during construction.

Delsk is investing in excess of €2 million of its own capital to complete the acquisition to protect the original investments made by its clients in the original joint-venture agreement to develop the Nursing Home at Kilcoole, Co. Wicklow.

In the near-term, Delsk also intends to invest in other nursing home projects in regional Ireland under the IIP creating additional employment in construction and on opening of the nursing home facilities. Delsk has also contributed significant funds, on behalf of its clients, to charities which are also approved for endowment funding under the IIP programme.

Overall, Delsk expects to invest €300 million in the Irish economy over a five year period providing visas for international investors under the IIP and creating sustainable employment opportunities across Ireland while also contributing to important charities under the approved IIP endowment scheme.

Delsk is advised in Ireland by McEvoy Corporate Law.

Mr Wang of Delsk, commented on the acquisition: “We are delighted to announce the acquisition of the Wicklow Nursing Home project on behalf of our clients. The acquisition, following a competitive process, is intended to protect our client’s investments in the Irish Government’s Immigrant Investor Programme. Ireland is an attractive destination for our investors and we look forward to continuing our investment over the next 5 years with a target investment of €300 million over that period.”

Press Information

Published by
Hossam Abdel-Kader
+43 1 9582319

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