Aedifica will invest £13m in the development of a care home to be operated by Maria Mallaband Care Group (MMCG).
The 61-bed property, which will be built in in Market Drayton, Shropshire, will provide en-suite facilities for older people requiring continuous care. The building will use energy-efficient systems, such as a heat pump and low energy LED lighting.
The care home will be let on a 30-year triple net lease. Upon completion of the works, the initial net yield will amount to approximately 5.5%.
Aedifica has acquired a 25% stake in a British real estate company which has exchanged contracts to acquire the site. Upon completion of the building, the investor will acquire full ownership of the property by taking control of the remaining shares in the company.
Bruce Walker, Aedifica UK country manager, said: ‘In the design of this new development project in Market Drayton, special attention was paid to environmental standards and energy efficiency.
‘Construction is expected to be completed in the first quarter of 2024. We are pleased to deepen our successful ongoing relationship with MMCG, a longstanding tenant with a proven operating model that already operates 15 Aedifica sites.’
MMCG is a provider of residential and dementia care operating more than 80 properties across the UK.