AEW UK Long Lease REIT has bought two care homes in the West Midlands and East Riding for £10.3 million.
Both were acquired from 90 North Real Estate Partners and are let to Prime Life, a care services provider operating 57 care homes, based mainly in Lincolnshire and the East Midlands.
The Lyndon Croft Care Centre, located on Ulleries Road, Solihull, was acquired for £6.2 million. It provides 52 beds for those with needs associated to old age and dementia. Westerlands Care Village, located on Elloughton Road, Brough, was purchased for £4.1 million and comprises 62 beds in two adjacent homes. Elloughton House provides residential and nursing care as well as care of those with dementia needs.
Alex Short, director of AEW UK Investment Management, and portfolio manager of the company said: “These latest acquisitions demonstrate our commitment to investing in specialist, under-represented sectors in the property market. Care homes such as these, with their long leases and sustainable income profile, are important additions to AEW UK Long Lease REIT’s investment portfolio.”