Amberside Advisors support Equisisk's €250M Irish care homes development

Ireland’s ageing population presents urgent challenges for the healthcare system, increasing the need for long-term care facilities. In response, the €250 million Equisisk Community Nursing Units (CNU) project was launched. This greenfield development initiative will design, build, finance, and maintain seven new nursing units across Ireland. 

Equisisk, a collaboration between Equitix and John Sisk & Sons, was selected as the project partner and, in 2023, won an industry award for the “Best Healthcare Project” for its work on this public-private partnership (PPP) initiative.

This project’s critical role in enhancing national healthcare infrastructure highlights our commitment to tackling complex social infrastructure challenges, demonstrating expertise in operational modelling, financial management, and stakeholder communication.

How we helped

Amberside Advisors, who joined Steer Group in 2022, was entrusted with building and refining the project’s financial and operational model, forecasting from Financial Close (December 2022) through to construction and up to the projected end of operations in November 2049. 

To ensure accuracy and alignment, we rigorously reviewed model assumptions, scrutinizing contracts, tax computations, overhead budgets, and recent financial accounts to ensure the forecasts were as accurate as possible.

In addition to designing the operational model, we provided crucial support in auditing it for its first funder covenant submission. To enhance transparency and stakeholder engagement, we produced a Valuation Bridge that demonstrated and explained the project's value changes since the initial transaction model.

Successes and outcomes

Our expertise in financial modelling and project optimization provided critical insights that were highly valued by both Equisisk and its funders. Key successes included:

• Model Satisfaction: The operational model met all requirements of shareholders and funders, satisfying rigorous performance tracking and reporting needs.
• Enhanced Reporting Efficiency: Equisisk adopted several of our recommendations, specifically to streamline financial reporting and ease the model update process.
• Effective Stakeholder Communication: The Valuation Bridge report and commentary effectively illustrated project value changes, supporting Equisisk’s communication with stakeholders and enhancing transparency.

Through projects like Equisisk, Amberside Advisors and the wider Steer Group are continually building their reputation as trusted partners for healthcare and social infrastructure development in Ireland.