Aedifica acquisition of a portfolio of 5 care homes in the United Kingdom
Stefaan Gielens, CEO of Aedifica, commented: “We are very pleased to announce Aedifica’s first major portfolio acquisition in the United Kingdom following the takeover of 90 UK healthcare sites in 2019. Aedifica has invested £61 million in 5 fully operational purpose-built care homes, comprising 467 en-suite bedrooms for persons requiring continuous care. Other investments will follow.”
Aedifica invests £61 million in a portfolio of 5 fully operational purpose-built care homes in the United Kingdom.
Description of the sites
The five sites of this portfolio are conveniently located in residential areas of cities across Southern England (Southall, West London; Dorking, Surrey; Swindon, South West; Southampton, South Coast) and York, Yorkshire. Constructed between 2005 and 2012, the properties are all modern, purpose-built care homes with single, en-suite bedrooms. The care homes provide continuous care for up to 467 persons.
On 13 January 2020, Aedifica UK Ltd (a subsidiary of Aedifica NV/SA) acquired the portfolio of five care homes by taking control of 100% of the shares in a UK real estate company.
The total contractual value of the five care homes amounts to £61 million.
Description of the operators and the leases
Deepdene, Princess Lodge and Minster Grange are operated by the Maria Mallaband Care Group. MMCG is a provider of high quality residential and dementia care operating over 80 care homes across the UK. MMCG already operates 12 sites of Aedifica’s portfolio.
The Grange and The Hawthorns are operated by the Bondcare Group. Bondcare is a provider of high quality residential care operating more than 40 care homes across the UK. Bondcare already operates 12 sites of Aedifica’s portfolio.
These five care homes are let on new irrevocable 30-year triple net long leases to the two operating companies as set out above. The initial gross yield amounts to approx. 6%.