Gerald Eve takes care of £100m of Care UK deals

In that time the business accounted for 461 beds over 7 homes with an average value of £217k per bed. This means Gerald Eve has now completed almost £200m of Care UK related disposals and acquisitions in the past 2 years, comprising 14 homes and just under 1000 beds.

Representing Pension Fund clients, the three most recent sales’ transactions completed at the end of January and comprised:

• Field Lodge in St Ives, Cambridge, with 72 beds, let on an FRI lease to Care UK with over 23 years unexpired and annual RPI linked rent reviews (1 to 5%), sold for £17.8 million at a yield of 5.74%.
• Perry Manor, Worcester, with 82 beds, let on an FRI lease to Care UK with over 25 years unexpired and annual RPI rent reviews (1 to 4%), sold for £17.11 million at a yield of 5.65%.
• Larkland House, Ascot, with 55 beds, let on an FRI lease to Care UK with 12 years unexpired and annual RPI rent reviews (0 to 4%), sold for £8.0 million at a yield of 6.52%.

The three recent deals come fast on the heels of Gerald Eve’s Project Mabel, Care UK portfolio, sale in the summer of last year comprising 3 homes with 188-beds let on FRI leases with around 26 years remaining and a rent of over £2.5m pa with annual RPI rent reviews (1 to 4%). Gerald Eve represented a Pension Fund client and sold the portfolio to Royal London Asset Management for c.£47.3 million at a yield of just better than 5%.