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Sign in Sign up for a FREE subscriptionPGIM acquires €84m care home U.K. portfolio
Legal & General Investment Management has sold six care homes, Project Sandpiper and Poole, with 430 bedrooms to PGIM Real Estate for £70.2 million (€84 million/$95.37 million).
The portfolio is single let to leading care home operator, Care UK.
Across the portfolio, five of the care homes are located in East Anglia, with 41 percent of the beds subject to a block-contract agreement with Suffolk County Council. LGIM forward funded the five homes in 2013. They were developed in conjunction with Suffolk County Council to replace the area’s outdated homes and provide essential continuity of care for the region. The sixth asset is located in Poole, which LGIM acquired in 2014 as a standalone investment.
