LXi REIT announces £30.3m care home acquisition

LXi REIT has announced a £30.3m acquisition of care home and supported living properties.

The deals consist of £28.5m on the purchase of five purpose-built care homes in Leicestershire and Lincolnshire and £1.8m on two supported living services in Lancashire and Yorkshire.

Simon Lee, Partner of LXi REIT Advisors Limited, commented: “The Company has now deployed 92% of the net proceeds of its second issue of shares announced on 12 October 2017 and we are in solicitors’ hands on further acquisitions which will fully absorb the outstanding balance of the fundraise in the next few weeks.”

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Each of the care homes is let to Prime Life on a 31-year lease. Prime Life is a family owned business operating 1,800 beds across 60 homes in the UK.

The supported living properties have been let on a 25-year lease to a social housing provider.

LXi REIT also announced the completion of its £18.9m, 35-year let supported living portfolio, which was announced on 16 October.

The REIT has invested more than a third of its funds in supported living  and care homes with the remaining diversified across hotels, industrial, car parks, discount retail, restaurants and coffee shops, and automotive.

Its acquisitions include care homes run by The Priory Group in Northern Ireland and Leeds.

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