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Connell C - LB Mar 2022

Aedifica invests in Isle of Mann care home

Aedifica Spaldrick House

Belgium-headquartered healthcare real estate investment trust Aedifica is investing approximately £10 million in a care home to be built in Port Erin in the Isle of Man.

The home will accommodate 72 residents in spacious bedrooms with en suite facilities specifically tailored to suit the needs of seniors requiring continuous care.

The initial net rental yield will be approximately 6% and the operator will be LV Care Group which is part of the Emera Group. LV Care Group operates 237 beds in six care homes in Jersey and Isle of Man.

The home, Spaldrick House, is scheduled for completion in the first quarter of 2024.

Stefaan Gielens, chief executive of Aedifica, said: “We are very pleased to announce that Aedifica continues the expansion of its healthcare real estate portfolio with the acquisition of a brand-new purpose-built care home in Port Erin in the Isle of Man for approximately £10 million. Thanks to this acquisition, we continue to expand our collaboration with the Emera Group, an established European care operator with a proven operating model. We look forward to continuing to invest in futureproof healthcare real estate with our local team.”

Bruce Walker, country manager of Aedifica UK, added: “We are delighted to add a second care property in the Isle of Man to our portfolio. In the design of this new development project, special attention was paid to environmental standards and energy efficiency.”

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