Giraffe acquires two Dublin creches for more than €2.65m

Giraffe Childcare, the provider that operates 29 creches in Dublin, is set to expand its presence further through the acquisition of two creches for more than €2.65 million.

They are in Rathgar and Lucan, were sold by Cairn Homes and comprise about 1,169sq m (12,583sq ft) of space.

Both creches are fitted out and are expected to open in summer 2022 by Giraffe Childcare, which is owned by UK provider Busy Bees. Selling agent Hooke & MacDonald said there was very strong interest in both.

The Marianella creche is located in the popular development in the south Dublin suburb of Rathgar; it extends to about 479sq m (5,156 sq ft). This one benefits from 316 homes located within the development and more than 6,000 housing units within a 1km catchment area. The creche was sold in shell and core condition ready for occupier fit out.

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The Shackleton Mill creche is located in a Lucan development, Co Dublin. It was built by Cairn Homes and comprises more than 1,050 houses and apartments. The creche extends to about 690sq m (7,427sq ft) and was offered for sale in shell and core condition.

Strong demand

Conor Steen, an associate director in Hooke & MacDonald, said: "Hooke & MacDonald experienced very strong interest in both creches with competitive bidding ensuing amongst a number of established creche operators, which was brought to a head via a best bid process."

The agent is seeing strong demand from operators in the greater Dublin area who are looking to expand and are considering purchasing and renting well-located creches in 2022.

The creche market has seen considerable activity of late. Busy Bees recently acquired Park Academy Childcare, another Irish operator, while last year British venture capital group Business Growth Fund put € 10.5 million into fast-growing Irish operator Tigers Childcare. Tigers operates 13 facilities in Dublin and one in London, making it one of the largest childcare groups in the State.