Paris-based real estate investment fund SCPI Pierval Santé has acquired three UK care homes: Mountfitchet House in Essex, Ambleside Care Home in Stratford-upon-Avon, and Brook Court Care Home in Kidderminster for £34 million.
The homes were sold by Legal & General and are let to care home operator Care UK. The assets were built around 2013 and are let on long-term leases with an average unexpired lease term of around 22 years.
SCPI Pierval Santé’s specialising in healthcare assets across multiple European countries including France, Germany, Ireland and Portugal, and this deal marks its first transaction involving existing healthcare investments in the UK.
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.”
Business property advisor Christie & Co acted on behalf of Legal & General, alongside legal advisor Eversheds Sutherland. SCPI Pierval Santé was advised by Hogan Lovells.
Date published: July 2, 2021