Swiss Life Asset Managers has added a UK care home to its pan-European healthcare fund.
The asset manager has acquired Neem Tree Care Home in London for £11.25m (€13m) in a 30-year leaseback deal with Neem Tree Care.
Swiss Life said the price paid for the asset in Greenford reflects a 6.4% net initial yield.
Jos Seligman, investment director at Swiss Life Asset Managers UK, said: “Neem Tree Care Home provides strong occupational performance in a densely populated London suburb, where the demand for care home beds significantly outstrips supply.
“We are delighted to be working with the experienced management team who will continue to provide care for the residents.”
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