AEW UK Long Lease REIT has announced the acquisition of two residential care homes in the West Midlands and East Riding for £10.3m.
Lyndon Croft Care Centre in Solihull was acquired for £6.2m along Westerlands Care Village in Brough for a further £4.1m.
Alex Short, Director of AEW UK Investment Management LLP and Portfolio Manager of the Company said: “These latest acquisitions demonstrate our commitment to investing in specialist, underrepresented sectors in the property market. Care homes such as these, with their long leases and sustainable income profile, are important additions to AEW UK Long Lease REIT’s investment portfolio.”
Both homes were acquired from 90 North Real Estate Partners LLP and are let to Prime Life Limited, a care services provider operating a total of 57 care homes, based mainly in Lincolnshire and the East Midlands. 90 North was advised by Gerald Eve. AEW was advised by Knight Frank.
Lyndon Croft provides 52 beds for the elderly and people living with dementia and Westerlands comprises 62 beds in two adjacent homes offering residential, nursing and dementia care.
Both properties come with a 31-year unexpired lease term.