European healthcare real estate investment trust Aedifica has acquired three Essex care homes for approximately £40 million.
The homes are located in residential areas of Harlow, Saffron Walden and Colchester. Constructed between 2010 and 2016, the properties are all modern, purpose-built care homes with single bedrooms offering en suite facilities are tailored to suit the needs of elderly people requiring continuous care. In total, the care homes accommodate up to 263 residents.
The care homes are operated by family-owned company Excelcare, which provides residential care in more than 30 care properties in the south and east of England to over 1,900 elderly people who are no longer able to live independently at home.
The care homes are let on the basis of new irrevocable 30-year triple net leases. The initial net rental yield amounts to approximately 5.5%.
Date published: January 15, 2021