Pramerica Real Estate Investors has sold five care homes for £154m to a subsidiary of healthcare and senior living specialist Healthcare REIT Inc.
The properties, which comprise a total of 522 beds and were completed in 2009, were the remaining five properties held in two joint ventures between care home specialist Sunrise Senior Living Inc and institutional funds managed by Pramerica. Sunrise will continue its role as operator of the facilities.
Philip Barrett, managing director of Pramerica, said: “The sale of these assets represents an excellent overall outcome for our senior living investment strategy. This is a sector that we identified some time ago as offering significant potential for value growth, and the pricing we have demonstrated on our sales shows the strong location and quality of the assets as well as the outperformance that has been achieved by our partner Sunrise.”
Pramerica Real Estate Investors is a global real estate investment business with $50.1bn (£30.9bn) of assets under management.
sophia.furber@estatesgazette.com
