Specialist business property adviser, Christie & Co, has announced the sale of a group of three prime care home assets to SCPI Pierval Santé, a French Real Estate Investment Fund specialising in healthcare assets across multiple European countries.
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. The assets were built around 2013 and are let on long-term leases with an average unexpired lease term of circa 22 years.
The 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.
The three care home assets were sold for a total of £34,000,000.
