PGIM Real Estate buys £70m UK care home portfolio from LGIM (Legal & General Investment Management)
PGIM Real Estate has bought a UK care home portfolio from Legal & General Investment Management (LGIM) for £70.2m (€81.7m).
Property consultancy Gerald Eve and JLL, acting on behalf of LGIM, have sold the Project Sandpiper and Poole assets comprising six modern purpose-built care homes. CBRE acted on behalf of PGIM Real Estate.
Five of the care homes are located within East Anglia and the sixth asset is located in Poole. The portfolio is let to care home operator Care UK.
Richard Lines, partner at Gerald Eve, said: “Working alongside our operational real estate healthcare specialists, we are pleased to have advised LGIM on the disposal of these assets having played an instrumental part in their acquisition back in 2013/14. The portfolio provides long-dated inflation-linked income to one of the UK’s leading care home operators.”
James Waldock, director at JLL, said: “The JLL team were delighted to achieve a fantastic result for LGIM on the sale of this portfolio, which received interest from both domestic and overseas core investors.
“We expect to see continued demand from overseas capital in the UK Care Home market, attracted by the structural market dynamics of an ageing UK population and the increasing need for age-appropriate care accommodation.”