REIT buys Bupa care home for £13.8m

Investor LXi REIT has bought a Bupa care home in Bristol for £13.8m.

The property, which provides nursing and residential care, has been let to Bupa on a long lease. The deal was funded using LXi’s Scottish Widows loan facility.

John White, partner of LXI REIT Advisors Ltd, said: ‘We are pleased to have completed this off-market acquisition which is accretive to the company in terms of yield, lease length, rent review profile and tenant strength. The initial yield of 6.4% is over 340 basis points higher than the cost of our long-term debt facility which is funding the purchase.

‘The company remains well positioned with an excellent platform and investment pipeline of secure, long-let index-linked real estate assets to deliver attractive inflation-protected income and capital returns to our shareholders.’

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Deven Pamben has more than 15 years’ experience as a journalist, working on newspapers, trade magazines and online publications. A Criminology graduate, Deven worked for Hertfordshire Constabulary before becoming a journalist. He began his journalism career at a local newspaper in Hertfordshire before moving into trade magazines in permanent roles or as a freelancer. Titles he has reported and edited on include Law Society Gazette, Harpers Wine and Spirit, and Health Club Management. Deven has also written travel features for the Sunday People, and spent two years working in Beijing for the official press agency of the People’s Republic of China.