Bridges Fund Management has agreed the forward-funding sale of an eighty-bed care home in Sidcup, Kent, to Ropemaker Properties for £17.3m – a 4.5% yield.
The sale is expected to complete in late 2018, once the construction phase is finished.
In 2015, Bridges bought a 3.1-acre site adjacent to St Mary’s Hospital in Sidcup, investing from Bridges Property Alternatives Fund III. Working in partnership with developer Castleoak, it has since been granted planning consent for a scheme comprising 80 care beds. The home has already been prelet to operator Care UK on a 30-year lease.
Simon Ringer, partner and head of property funds at Bridges Fund Management, said: “We began investing in care homes because we saw that there was a real under-supply of high quality care accommodation for the elderly, and because we believed that once built, these sites would represent attractive long-term assets for institutional investors. The pre-sale of our site at Sidcup is another great example of that.”
Cushman & Wakefield advised Bridges; AHBN represented Ropemaker.
