LaSalle Investment Management, the real estate investment manager, has agreed two separate deals to acquire London care homes let to Care UK, on behalf of clients.
Sherwood Grange in Kingston Vale was purchased from AK Property Investment Ltd. in an off market transaction. The purpose built asset was completed in March and comprises a 59-bed care home facility over basement, ground and two upper floors. It is let to Care UK on a 25-year lease.
Buchanan Court in Harrow was purchased from fixed receivers for £6.8 million. LaSalle will fund the development of a new purpose built care home comprising 80-beds, which will be let to Care UK on a 30-year lease.
Shaun Reed, national director, LaSalle Investment Management, said: “There is a strong need for care homes in London and good quality, future-proofed assets constructed well above minimum standards are in high demand. As with build to rent or student housing, care homes let to leading operators offer our clients attractive long term, index-linked returns. By working closely with one of the of the UK’s leading healthcare providers, we are delivering purpose built assets in residential neighbourhoods that are well served by nearby amenities and will prove popular with potential residents.”