French REIT snaps up three UK care homes for £34 million
SCPI Pierval Santé, a French real estate investment fund specialising in healthcare assets across multiple European countries has bought a group of three UK care home assets for £34 million.
The three care homes – Mountfitchet House in Essex, Ambleside Care Home in Stratford-upon-Avon, and Brook Court Care Home in Kidderminster – were previously owned by Legal & General and let to leading care home operator, Care UK, which will continue to operate the homes.
The assets were built in 2013 and are let on long-term leases with an average unexpired lease term of circa 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.
Aside from owning a substantial portfolio of healthcare assets in France, SCPI Pierval Santé also has assets in several other European countries including 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.”
Mike Hodges and Richard Lunn of Christie & Co acted on behalf of the vendor, Legal & General, alongside legal advisers, Eversheds Sutherland. SCPI Pierval Santé was advised by Hogan Lovells.