Belgian healthcare REIT Aedifica is investing £25 mln (€29 mln) in the development of two brand new care homes in the UK.
The properties are being constructed in Corby and Wellingborough, and will serve a total of 132 residents. According to Aedifica, the initial net rental yield is around 5.5%.
Stefaan Gielens, CEO of Aedifica, commented: 'Aedifica continues to expand its healthcare real estate portfolio in the United Kingdom and is investing approx. £25 mln in the construction of two purpose-built care homes in Corby and Wellingborough, Northamptonshire, being built by LNT Group.
'Both care homes will each comprise 66 en-suite bedrooms for seniors requiring continuous care and will be operated by Halcyon Care Homes, marking another collaboration between Aedifica and an established elderly care home developer and provider. These two new builds mark over £200 mln of commitments made by Aedifica since entering the UK.'
Aedifica expects the properties to be delivered in Q4 2021 (Corby) and Q1 2022 (Wellingborough). The buildings will use energy-efficient systems, such as ground source heat pumps, contributing to the continued improvement of the sustainability of Aedifica's real estate portfolio. The Corby scheme represents a total investment of £12 mln, while Wellingborough will cost £13 mln.
These development projects mark a further collaboration between Aedifica, LNT and Halcyon Care Homes, following the acquisition of Hazel End Care Home, Bishop’s Stortford in December 2019 and Marham House, Bury St Edmunds in March 2020.
The care homes will be let on the basis of new irrevocable 35-year triple net leases.
