Belgian healthcare REIT Aedifica has acquired four care homes in UK the for £61.5 mln (€73 mln) from UK developer and operator LNT Group.
Three of the assets, located in prosperous residential areas in Sayers Common (Sussex), Broadstairs (Kent) and Southampton (Hampshire) are currently trading following completion in Q2 2024.
The fourth property, in Midsomer Norton near Bath, is currently still under construction and is expected to be completed in Q4 2024.
According to Aedifica, all of the care homes are identical in layout and specifications. Catering to the upper mid-market elderly care segment, they each accommodate up to 66 residents in rooms with en-suite facilities and meet high standards of care and comfort.
In terms of sustainability, all care homes are equipped with energy-efficient systems, including ground source heat pumps and rooftop solar power systems. This is reflected in high performance ‘A’ EPC1 scores, contributing to the ongoing, continuing improvement of the sustainability of the group’s real estate portfolio.
Stefaan Gielens, CEO of Aedifica, commented: 'Aedifica continues to underpin the quality of its UK real estate portfolio by investing approximately £61.5 mln in a portfolio of four futureproof care homes. Three of them are recent developments and are already trading, while the fourth care home will be completed soon.'
Bruce Walker, country manager of Aedifica UK, added: 'This portfolio stands out for its particular focus on sustainability. These futureproof care properties are all highly energy-efficient, which is reflected in excellent ‘A’ EPC scores. Moreover, this transaction deepens our successful relationship with LNT Group, a leading UK care home developer and operator with whom we have now worked on a total of thirteen projects.'
All care homes are operated by Oyster Care Homes, controlled by LNT Group directors and Oyster Care Homes management. The care homes are let on the basis of new irrevocable 35-year triple net leases. The initial gross rental yield on purchase price amounts to approx. 6.5% and the acquisition will be immediately earnings per share accretive.
Aedifica said that the transaction would be partly financed by recycling capital generated by disposals under Aedifica's strategic asset rotation programme, which is targeting €100 mln of divestments in 2024. So far, twelve assets have been divested for a total amount close to €75 mln.
