Belgian healthcare REIT Aedifica has invested £29 mln (€35 mln) in the construction of two care homes in the UK.
The properties, with a total capacity for 132 residents, are situated in Rawdon, Leeds, and Overstone, Northampton.
Stefaan Gielens, CEO of Aedifica, commented: 'We are very pleased to announce that Aedifica will invest approx. £29 mln in the development of two brand-new purpose-built care homes in Leeds and Northampton.
'The purpose-built care properties will each comprise 66 en-suite bedrooms for seniors requiring continuous care. We look forward to continuing to invest in future-proof healthcare real estate with our British team.'
The buildings will use energy-efficient systems, such as a heat pump, contributing to the continued improvement of the sustainability of Aedifica's real estate portfolio. Construction works have already started and are expected to be completed in the fourth quarter of 2022.
The Rawdon care home will be operated by Danforth, which is 100% controlled by the shareholders of the LNT Group including Lawrence Tomlinson. Danforth is a provider of high quality residential and dementia care.
The Northampton care home will be operated by Halcyon Care Homes, which is 60% controlled by the shareholders of the LNT Group including Lawrence Tomlinson. Halcyon Care Homes provides residential and dementia care and currently operates 8 care homes. Halcyon Care Homes already operates three sites in Aedifica’s UK portfolio.
The care homes will be let on the basis of new irrevocable 35-year triple net leases. Upon completion of the works, the initial gross yields will amount to approx. 5.5%.
Bruce Walker, Country Manager of Aedifica UK, added: 'In the design of these new development projects, special attention was paid to environmental standards and energy efficiency. This acquisition also marks the start of the collaboration with a new operator, Danforth and the extension of our collaboration with Halcyon Care Homes, an established elderly care home developer and provider.'
Both buildings are being developed by the LNT Group, an experienced and dedicated care home developer and operator, having developed over 100 care home projects in the United Kingdom. After completion of the present projects, Aedifica and LNT Group will have worked together on six care home projects.
