Apache Capital Partners has sold a freehold portfolio of three care homes in the South East to MedicX Healthfund II, a UK healthcare investment fund managed by Octopus Healthcare.
Apache bought the sites in Gerrards Cross, Bisley and Canterbury in the summer of 2013, before fully funding their developments. They were sold for £30m.
They are operated by Maria Mallaband Care Group on separate leases with more than 33 years unexpired and annual RPI-linked rent reviews.
Strutt & Parker and Knight Frank advised Apache Capital Partners on the transaction.
Richard Jackson, partner at Apache Capital Partners, said: “We successfully generated very attractive ungeared returns ahead of our geared forecast for our investors by developing, stabilising and selling the MMCG portfolio.
“This is in line with Apache Capital’s strategy of investing and developing early into alternative sectors to create institutional-grade bespoke portfolios of scale, before exiting to institutional investors.”
Mike Adams, chief executive of Octopus Healthcare, said: “The UK’s healthcare market continues to exhibit a structural undersupply of quality property, and also to attract increasing interest from investors seeking long term, sustainable income with fixed / index-linked rent increases.”
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