Schroders is preparing to sell its 340-bed care home portfolio in Suffolk, on behalf of its UK Property Fund.
The fund has appointed JLL to market the five properties for circa £44m, at a 4.65% net initial yield.
These are five freeholds in Framlingham, Haverhill, Mildenhall, Lowestoft and Ipswich, all of which have contracts with Suffolk County Council.
Schroders had originally bought the sites for development in 2013, for around £28m. These were redeveloped and let to Care UK on a 30-year indexed lease.
It formed part of the asset manager’s strategy to target alternative sectors that were more resilient to fluctuations in the economy, and the impact of the internet.
All parties declined to comment.
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