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French Trust makes first entry to UK homes market

Three care homes have been bought for £34 million by a leading French real estate investment fund that specialises in healthcare assets across Europe.

SCPI Pierval Santé have bought the three homes, Mountfitchet House in Essex, Ambleside Care Home in Stratford-upon-Avon, and Brook Court Care Home in Kidderminster. They were previously owned by Legal & General and let to Care UK. The homes were built around 2013 and are let on long-term leases with an average unexpired lease term of 22 years.

This deal marks SCPI Pierval Santé’s first transaction involving existing healthcare investments in the UK with the Fund looking to establish a tangible presence. In addition to owning a substantial portfolio of healthcare assets in France, SCPI Pierval Santé also has assets in Germany, Ireland and Portugal.

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.”

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