Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), 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. Anchor Hanover is England’s largest provider of specialist housing and care for people in later life with eight homes rated ‘outstanding’ by the regulator, the Care Quality Commission. The leases include annual rental reviews linked to RPI.
Savills advised Aviva Investors and Knight Frank acted as selling agent.
The Lime Property Fund is a long income real estate fund with a net asset value of £2.3 billion. It was launched in 2004 and has been consistently and independently recognised by MSCI/IPD as the most secure and least volatile fund of all funds open to investment in the MSCI/IPD quarterly universe, most recently receiving the ‘10 Year Absolute Return Award’ from MSCI at its Annual UK Property Investment Performance Awards. The fund has capital to invest and is targeting property investments that provide inflation linked or fixed rental uplifts let to strong tenants on leases of 15 year plus, cross sector, UK wide.
Source : Aviva Investors