Belgian healthcare REIT Aedifica is to invest £13m in a care home in Market Drayton, Shropshire to be operated by Maria Mallaband Care Group.
Great Hales will accommodate 61 residents in spacious bedrooms with ensuite facilities that are specifically tailored to suit the needs of elderly people requiring continuous care.
The building will use energy efficient systems, such as a heat pump and low energy LED lighting, contributing to the continued improvement of the sustainability of Aedifica's real estate portfolio.
Construction is expected to be completed in the first quarter of 2024.
Bruce Walker, country manager of Aedifica UK, said: “In the design of this new development project in Market Drayton, special attention was paid to environmental standards and energy efficiency.
“We are pleased to deepen our successful ongoing relationship with Maria Mallaband Care Group, a longstanding tenant with a proven operating model that already operates 15 Aedifica sites.”
Aedifica has taken a 25 per cent stake in the British real estate company that has exchanged contracts to acquire the site.
Upon completion, Aedifica will acquire full ownership of the completed property by taking control of the remaining shares in the company.
The care home will be let on the basis of a new irrevocable 30-year triple net lease. Upon completion of the works, the initial net yield will amount to approx. 5.5 per cent.
