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In 2005, Smart Homes Ltd was incorporated with the aim of providing high-quality construction services to both the private and public sectors. As his business grew, the Group moved on to incorporate and directly manage additional development companies through which all development projects were acquired.
Following the success of construction companies over the years, the Group has more recently decided to enter into the healthcare for the elderly sector. In this regard, Smartcare Pinto Ltd was incorporated in May 2018, intended to be the owner and operator of the Care Home. Furthermore, Smartcare Properties Limited was incorporated on 7 January 2019 to serve as the holding company of properties forming part of the Group.
The Group, through its operating company Smartcare Pinto Ltd, owns and currently operates a 136 long-term care bed old people’s home, Dar Pinto, situated in Qormi through a private-public partnership agreement with the Government of Malta. The home includes a chapel, dining room, a kitchen and other amenities, all finished to the highest of standards.
In recent years, the population in Malta has grown significantly due to immigration and an increase in life expectancy for both genders, which means that the local population is an ageing one. However, due to shifts in the current labour force, elderly people are now finding it increasingly difficult to find relatives who can dedicate their time to care for them. As a result, demand for nursing homes and institutional care has reached an all-time high. With this in mind, Smartcare Finance p.l.c. sought financing to further establish its reputation in the healthcare sector by way of expanding the Care Home and constructing further properties.
The €13,000,000 Secured Bond issue helped finance the extension of the Care Home to cater for an additional 24 rooms and 48 beds, as well as to construct a boutique hotel in Gozo, in addition to further property developments in Malta.
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