Aedifica invests £29 million in the construction of two UK care homes
European healthcare real estate investment trust Aedifica is investing £29 million in two care homes under construction in Rawdon, Leeds and Northampton, which will have a total capacity for 132 residents and are expected to be completed in the fourth quarter of this year.
The contractual value of the plots and the already performed construction works amounts to approximately £10 million. Aedifica has budgeted approximately £19 million for the remaining construction works.
Both buildings are being developed by the care home developer and operator LNT Group.
The Rawdon care home will be operated by residential and dementia care. provider Danforth, which is 100% controlled by the shareholders of the LNT Group including Lawrence Tomlinson.
The Northampton care home will be operated by residential and dementia care provider Halcyon Care Homes, which is 60% controlled by the shareholders of the LNT Group including Lawrence Tomlinson.
The care homes will be let on the basis of new irrevocable 35-year triple net leases. Upon completion of the works, the initial gross yields will amount to approximately 5.5%.
Aedifica’s chief executive Stefaan Gielens said: “The purpose-built care properties will each comprise 66 en suite bedrooms for seniors requiring continuous care. We look forward to continuing to invest in future-proof healthcare real estate with our British team.”
Bruce Walker, country manager of Aedifica UK, added: “In the design of these new development projects, special attention was paid to environmental standards and energy efficiency. This acquisition also marks the start of the collaboration with a new operator, Danforth and the extension of our collaboration with Halcyon Care Homes, an established elderly care home developer and provider.”
Date published: March 24, 2022