French real estate investment fund, SCPI Pierval Santé, has entered the UK healthcare market through the £34m acquisition of three Care UK let care homes.
The investment fund has acquired Mountfitchet House in Essex, Ambleside Care Home in Stratford-upon-Avon and Brook Court Care Home in Kidderminster from Legal & General, in a deal completed by Christie & Co.
Edouard Dumas of SCPI Pierval Santé said: “This deal reflects an important milestone for our fund as we look to develop a significant presence in the UK healthcare sector, which we believe has excellent underlying fundamentals.
“We are grateful to Legal & General for agreeing to sell these assets to us and look forward to developing an excellent onward partnership with Care UK.”
Insider Media reported the properties are let on long-term leases with an average unexpired lease of around 22 years.
SCPI Pierval Santé also has assets in several other European countries, including Germany, Ireland and Portugal.
Michael Hodges, Managing Director – Care Consultancy at Christie & Co, told CHP: “We are delighted to have acted for Legal & General on the sale of these high-quality assets and are very pleased to welcome SCPI Pierval Santé into the UK healthcare market with this landmark deal. This sale illustrates the strong interest we are seeing in the UK care sector from overseas capital, which we expect to increase further as the year progresses.”