Aviva Investors has acquired the freehold interest in a group of five care homes through its Lime Property Fund as it continues to develop its portfolio of high-quality long income real estate assets in the UK. The five properties, located in Yorkshire and County Durham, provide over 380 en-suite rooms offering care for older people, including those with dementia. It includes Wetherby Manor, named by Knight Frank as UK Luxury Care Home 2018, and The Manor House in Barnard Castle, a finalist in the 2017 International Design Awards, run by the Society of British and International Design.
Aviva Investors has also confirmed an initial 35-year lease agreement across each property with Anchor Hanover, which has acquired operation of the care homes, previously owned and run by Hadrian Healthcare Group.
The portfolio of properties included in the purchase are:
· The Manor House, Barnard Castle
· Wetherby Manor, Wetherby
· The Manor House, Knaresborough
· Oulton Manor, Leeds
· The Manor House, Harrogate
Savills advised Aviva Investors and Knight Frank acted as a selling agent.
Kris McPhail, Fund Manager, Aviva Investors, said: “The purchase of these properties further develops our strategy of acquiring robust assets alongside the presence of a high-quality tenant. This is key in ensuring that the Lime Property Fund is best-placed to provide investors with consistent, inflation-linked performance over the long-term, in a sector which continues to demonstrate sound fundamentals.”
Mark Greaves, Anchor Hanover’s Managing Director, Care Services, said: “Both Anchor Hanover and Hadrian Healthcare are organisations which are committed to high-quality, person-centred care – and we look forward to these homes becoming a key part of our care home offering. The addition of these five homes will broaden our provision of quality care in the North of England.”
Chris Wishart, Director of Healthcare at Savills said: “The compelling demographics which support the elderly care home sector, when aligned with the quality of the assets, profile of the tenant and the lease terms made for a portfolio suitable to the Lime Property Fund and an opportunity we were delighted to advise on”.
Julian Evans, Partner and Head of Healthcare, at Knight Frank, said: “Hadrian Healthcare are widely regarded as one of the UK’s premier luxury care home providers. Their stunning facilities, operated by outstanding teams, makes for a tremendous opportunity for Anchor Hanover, and indeed, Aviva Investors.”