Belgian real estate fund Aedifica has acquired an under-construction 61-bed care home in Aylesbury, Buckinghamshire from Maria Mallaband Care Group for a total consideration of £11m.
Aedifica has picked up the development site in Martin Dalby Way, adjacent to a newly constructed housing estate near the town centre, for £2m and has budgeted £9m for construction works.
Construction works have recently started, and the new care home is expected to be completed in the fourth quarter of 2022.
The Aylesbury home will be operated by Maria Mallaband, which already operates 15 sites in Aedifica’s portfolio.
The care home will be let on the basis of an irrevocable 30-year triple net lease. Upon completion of the works, the initial net yield will amount to approximately seven per cent.
“Aedifica continues to expand its healthcare real estate portfolio in the United Kingdom and is investing approximately £11m in the construction of a care home in Aylesbury, Buckinghamshire,” said Aedifica chief executive Stefaan Gielens.
“The care home will comprise 61 ensuite bedrooms for seniors requiring continuous care. Thanks to this transaction, we are once again expanding our collaboration with Maria Mallaband Care Group, an established elderly care home provider,” he added.
