Belgian healthcare property specialist Aedifica has committed €26.5m to a forward-funding project for a state-of-the-art cancer centre in Limerick, Ireland. The centre, spanning radiotherapy and medical oncology services, is expected to deliver an initial net rental yield of approximately 7% under a 30-year CPI-indexed triple-net lease.
The purpose-built facility will rise on the Greenhills Medical Campus in the Ballygrennan regeneration zone, offering cutting-edge care across two radiotherapy bunkers, a CT planning scanner and a ten-bay infusion unit, delivered by a joint venture between UPMC and Bon Secours Health System. Construction is scheduled to start imminently, with completion anticipated in Q4 2026, presenting developers and investors an opportunity to tap into the expanding Irish healthcare real estate segment.
“Aedifica is investing €26.5m in the development of a cancer centre in Limerick, opening up significant opportunities for Aedifica to expand into a new healthcare segment, further diversifying our portfolio and enhancing our market presence,” said Stefaan Gielens, CEO of Aedifica. “We look forward to joining forces and using our combined expertise to meet the growing demand for cancer treatment services in an underprovided region.”
This marks Aedifica’s entry into oncology-focused infrastructure within Ireland’s Mid-West, where ageing medical facilities and patient backlogs create both social need and institutional investment demand. The new centre forms part of a broader care campus, including residential, retail and care home components, highlighting the value of mixed-use healthcare precincts built around community ecosystems.
“We are pleased to join forces with Aedifica to deliver a state-of-the-art cancer centre in Limerick, bringing additional capacity to radiation oncology and medical oncology services to the Midwest,” added Mary Hickey, Director of Oncology, UPMC Ireland. “The new cancer centre … represents a significant investment in regional healthcare infrastructure and a major milestone in improving access to world-class cancer services for patients in Limerick and across the wider Midwest.”
For institutional investors, the long-dated CPI-linked lease, robust covenant of UPMC and Bon?Secours, and a growing public–private healthcare collaboration model reinforce the attractiveness of healthcare real estate as a counter-cyclical, defensive asset class with predictable income and societal impact.
People mentioned:
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Stefaan Gielens, CEO, Aedifica
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Mary Hickey, Director of Oncology, UPMC Ireland
Companies mentioned:
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Aedifica, European healthcare real estate investor
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UPMC, US-based academic health system
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Bon Secours Health System, Irish hospital operator
