The UK arm of Swiss Life Asset Managers has acquired a care home on behalf of one of its pan-European healthcare real estate funds.
Swiss Life Asset Managers UK said it had acquired Norfolk House in Weybridge for £9.7m (€11.3m), reflecting a 5.8% net initial yield.
The manager said the deal represents the first of several planned investments on behalf of a pan-European healthcare fund managed from Paris.
Jos Seligman, investment director at Swiss Life Asset Managers UK, said: “We are pleased to add Norfolk House to our UK portfolio of care home assets, especially as this acquisition was undertaken by a pan-European Swiss Life Asset Managers’ fund which had not previously invested in the UK.”
Norfolk House, comprising 64 ensuite bedrooms, is let to Care UK for a remaining 12 years.
“Norfolk House provides an optimum number of beds, modern specification and a flexible building fabric situated on a large site which could accommodate future improvements,” Seligman.
“The asset is well suited to the core to core-plus fund target returns. We intend to work with the tenant to undertake environmental improvements to the fabric of the building going beyond Swiss Life Asset Managers’ net-zero pathway commitments.”
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