LXi REIT has acquired a £3.2m portfolio of regulated long-let supported living properties in Kent, West Sussex and Gloucestershire, continuing its recent acquisitions spree in the sector.
The purchase reflects a net initial yield of 6%. Each property is income producing and has been let on a new 25 year lease, with no tenant break.
Last week, LXi REIT completed the acquisition of a £3.8m portfolio of supported living assets in Yorkshire. Earlier this month, it acquired the Priory Care Home in Leeds for £8.4m.
The properties in the new portfolio comprise specialist, high quality supported living homes for individuals with physical and mental disabilities or other care needs. The acquisition has been funded from equity resources, with senior debt finance expected to be introduced in the near term.
John White, partner of LXi REIT,said: “This supported living portfolio, which follows the company’s recent acquisition of a similar portfolio across different locations, provides it with an attractive 6.0% net initial yield underpinned by unbroken 25 year, index-linked leases to a registered provider of social housing, and offers vulnerable adults high quality, long-term, safe and attractive community living environments.”
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