Care Homes Portfolio

Priory Care Home

Leeds, Yorkshire

 

Description

Care home

Purchase Price

£8.4 million

Net Initial Yield

6.30%

Size

75 en-suite bedrooms

Acquisition Structure

Built asset

Date Acquired

June 2017

Rent Review

Retail Price Inflation (RPI)

Tenant/Guarantor

Priory Investments Holdings Limited

Lease Term

22.8 years unexpired, with no break

Priory Care Home Portfolio

Diverse locations across Northern Ireland

 

Description

Portfolio of three specialist care homes

Purchase Price

£14.9 million

Net Initial Yield

6.5%

Acquisition Structure

Pre-let forward commitment and built asset mix

Date Acquired

August 2017

Rent Review

Fixed uplifts of 2.5% pa

Tenant/Guarantor

The Priory Group

Lease Term

29 years unexpired, with no break

Prime Life Care Home Portfolio

Leicestershire and Lincolnshire

 

Description

Five modern, purpose built care homes

Purchase Price

£28.5 million

Net Initial Yield

6.5%

Acquisition Structure

Built

Date Acquired

November 2017

Rent Review

Retail Prices Inflation (RPI)

Tenant/Guarantor

Prime Life

Lease Term

31 years unexpired, with no tenant break

Disposal
Following an unsolicited approach, the Company sold part of this portfolio to a UK pension fund in June 2018.  The sale generated a 56% geared IRR for the Company and reflected a 17% premium to latest book value