Legal & General has sold three care homes to French real estate investment fund SCPI Pierval Santé for a total purchase price of £34m.
The three care homes - Mountfitchet House in Essex, Ambleside Care Home in Stratford-upon-Avon, and Brook Court Care Home in Kidderminster – are let to operator Care UK.
The assets were built around 2013 and are let on long-term leases with an average unexpired lease term of circa 22 years.
The deal marks SCPI Pierval Santé’s first transaction involving existing healthcare investments in the UK.
Aside from owning a substantial portfolio of healthcare assets in France, SCPI Pierval Santé has assets in several other European countries including Germany, Ireland and Portugal.
“This deal reflects an important milestone for our Fund as we look to develop a significant presence in the UK healthcare sector which we believe has excellent underlying fundamentals. We are grateful to Legal & General for agreeing to sell these assets to us and look forward to developing an excellent onward partnership with Care UK,” said Edouard Dumas of SCPI Pierval Santé.
Mike Hodges and Richard Lunn of Christie & Co acted on behalf of Legal & General, alongside legal advisers, Eversheds Sutherland. SCPI Pierval Santé was advised by Hogan Lovells.
