Axa Real Estate has bought Manor Lodge care home, Chelmsford, Essex, for £17.6m.
The 112-room, 50,912 sq ft care home building, currently owned by Aprirose REI, is let to Care UK Community Partnerships Limited (guaranteed by Care UK Ltd) at £890,788 per year on a term of 25 years.
Shaun Roy, head of the specialist property team at Knight Frank, said: “This is a significant care home investment transaction demonstrating increased institutional appetite for the sector and a further compressing of yields.”
Knight Frank advised Axa; Aprirose REI was unrepresented.
