Good afternoon, it is January 19th 2021 and here is your economic and market update from BlackBee.
- €93 million transaction for 491 bed Irish nursing home portfolio
- Chinese economy growth in 2020, equities gain
Cofinimmo group, a Belgian real estate company, has acquired 7 Irish nursing homes for €93 million. The 491 nursing home beds are located across Dublin, Kildare, Meath, Cavan and Louth. The purchaser will lease the homes to French operator DomusVi. Cofinimmo revealed that the leases for the seven properties have 15-year fixed terms. The Irish Independent reports that the portfolio is the Trinity Care nursing home business, owned by Anne Heraty and her husband Paul Carroll. (Sources: Cofinimmo, Irish Independent)
China’s GDP grew by 6.5% in the final quarter of 2020 according to official data released yesterday. Total GDP growth for 2020 was 2.3%. Despite being one of the few countries to see economic expansion last year, it was also China’s slowest growth for more than 40 years. Equity markets reacted positively to the news. China’s benchmark CSI 300 index rose 1.1%. The return of China, the world’s second-largest growth and the single biggest contributor to world economic growth, to ‘normal’ levels of growth in Q4 is a huge positive for investors and the world economy in early 2021. Closer to home, Eurostoxx 600 rose 0.2%. Western investors will be optimistic that China’s economic expansion will be an indicator for European and US output once Covid-19 is contained. US markets were closed yesterday due to Martin Luther King Day. (Source: Financial Times)
Global Market Update
(as at close of markets 18/01/2021)