Kilcoole project bought for €9.5m

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.