A £200m portfolio of London care homes is set to test foreign investors’ desire to utilise the cheaper pound.
Project Prince comprises 2,000 purpose-built bedrooms across 23 properties in London locations including St John’s Wood, NW8; Putney, SW15; and Streatham, SW16.
The portfolio has been spun out of Project Churchill, a non-performing loans portfolio which Lone Star bought from Aviva for £2.3bn last October.
An alternatives sector expert said: “There is nothing like this out there at the moment and it is an interesting time to bring this portfolio out.
“It will be a good test for where the market is, but is unlikely to attract a deep audience from a UK perspective as it will be a slightly cheaper investment for overseas capital.”
Asia-Pacific and North American funds have already expressed interest.
Project Prince is being marketed by Knight Frank and is currently managed by Orchard Care Homes.
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