Aedifica invests £25m in Northants care home duo
Belgian healthcare REIT Aedifica is investing a total of £25m in two new build care homes in Northamptonshire.
Construction of both care homes initially developed by LNT Group is expected to be completed within the next 12 months.
Aedifica has paid £3m for the site of Corby Priors Hall Park in Corby and has set aside around £9m for construction works for the care home due online by the end of December.
The Belgian has meanwhile acquired the site of Wellingborough Glenvale Park for around £2.5m and will invest £10m in construction of the scheme due to open by the end of March 2022.
“Both care homes will each comprise 66 ensuite bedrooms for seniors requiring continuous care and will be operated by Halcyon Care Homes, marking another collaboration between Aedifica and an established elderly care home developer and provider,” said Aedifica chief executive Stefaan Gielens.
The care homes will use energy-efficient systems, such as ground source heat pumps, contributing to the continued improvement of the sustainability of Aedifica's real estate portfolio.
The two new developments mark over £200m of commitments made by Aedifica since entering the UK market.
The care homes will be let on the basis of new irrevocable 35-year triple net leases.
Upon completion of the works, the initial net yield will amount to approx. 5.5 per cent.