Legal and General Property, on behalf of its Legal and General UK Property Fund, has bought three care homes from the Careplaces Fund, the healthcare property fund managed by Bridges Ventures in partnership with developer Castleoak, for £25.2 million.
Located at Stratford-upon-Avon, Kidderminster and Stansted, the properties are all let to Care UK, on 30 year leases, with annual RPI increases. The three homes provide 187 beds. The homes are purpose built, matching the requirements of the specialist operator and elderly residents that the homes cater for.
The deal brings Legal and General’s investment in the care home sector to around £220 million.