Kil­coole project bought for €9.5m

Wicklow People (Arklow) - - NEWS -

A NURS­ING home project planned for Kil­coole has been pur­chased for €9.5 mil­lion by in­ter­na­tional in­vest­ment com­pany Delsk.

The deal was man­aged by re­ceiver Neil Hughes of Baker Tilly.

Delsk was founded in Cologne, Ger­many, in 2008 and has an ex­pan­sive port­fo­lio of real es­tate and in­vest­ment projects lo­cated across the world.

The nurs­ing home was pur­chased by Sal­ross Ltd, a sub­sidiary of Delsk, fol­low­ing a com­pet­i­tive bid­ding process run by the re­ceiver.

Once com­pleted, the nurs­ing home will ac­com­mo­date 89 residents and em­ploy 77 part­time and full-time staff. 115 jobs will be cre­ated dur­ing the con­struc­tion phase.

Delsk ac­quired the nurs­ing home to pro­tect the in­vest­ment of 22 in­ter­na­tional in­vestors who orig­i­nally in­vested in the de­vel­op­ment. The scheme gone into re­ceiver­ship af­ter a pre­vi­ous struc­ture, also backed by Delsk, broke down.

Delsk said it is in­vest­ing in ex­cess of €2 mil­lion of its own cap­i­tal to com­plete the ac­qui­si­tion in order to pro­tect ear­lier in­vest­ments made by its clients in a joint-ven­ture agree­ment to de­velop the project.

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