Listed REIT Secure Income has agreed to sell a private hospital in the UK for £49.8 mln (€68.5 mln).
Listed REIT Secure Income has agreed to sell a private hospital in the UK for £49.8 mln (€68.5 mln).
The New Hall Hospital in Salisbury has been acquired for clients of LaSalle Investment Management, at a net initial yield of 5.3%.
The building, one of 21 private hospitals in Secure Income’s portfolio, is operated by Australian-based Ramsay Health Care Ltd, with an unexpired lease term of 22 years. The letting agreement includes fixed annual rental uplifts of 2.75% or five-year open market reviews, whichever is the higher.
Martin Moore, chairman of Secure Income, said: ‘The sale of this property to a major UK institution helps to reinforce our firm view that healthcare is now established as a highly sought after alternative investment asset class.’
Secure Income REIT owns a freehold portfolio of 28 assets, including major UK visitor attractions such as the Madame Tussauds wax museum and the Alton Towers theme park. The company is externally managed by Prestbury Investments, headed by Nick Leslau, and was floated on London’s AIM in June 2014.
CBRE acted for Secure Income, while Bilfinger GVA and Lewis & Partners acted for LaSalle Investment Management.
