LXI has made its debut in Northern Ireland, buying three Priory Group care homes for £14.9m – a 6.5% yield.
The homes are let on leases with a weighted average unexpired term of 29 years, without breaks, and are subject to fixed annual rental uplifts of 2.5% pa.
The properties are located in Armagh and Newtownabbey and comprise a total of 100 bedrooms.
One of the assets is an extension to an existing care home in Armagh and is scheduled for completion in Q1 2018. LXI has paid a 10% deposit for Armagh 2, with the balance of the price to be paid on completion of the purchase. It will not develop the site or fund the construction works and is not assuming development risk.
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