Belgian REIT makes first move into UK care home market
Belgian real estate company Cofinimmo has acquired a trio of southern English care homes operated by Country Court for a total investment of £57m.
The care homes, which together comprise 196 beds, are the 66-bed Ferrars Hall in Huntingdon; the 66-bed Lakeview Lodge in Milton Keynes and 64-bed Oakview Lodge in Welwyn Garden City.
For each of the three sites, a triple net lease has been agreed for a fix term of 35 years. The rents will be indexed annually according to RPI and the gross rental yield will be in line with the current market conditions.
Cofinimmo said it entered the UK care home market for the first because the need for investment in the sector is high.
“With our entry into British healthcare real estate, we take an important step in the execution of our corporate strategy: to build and to consolidate our leadership position in European healthcare real estate,” added chief executive Jean-Pierre Hanin.
“With the United Kingdom, we add a ninth country to our geographic presence, the third new country we entered this year.”