The Board of LXi REIT plc has announced the acquisition of two separate portfolios of care homes and supported living properties for £30.3 million.
Each of the portfolio acquisitions is being funded from equity resources following the Company’s second issue of shares on 12 October, with senior debt finance expected to be introduced in the near term.
The company has acquired the freehold interest in five modern, purpose-built care homes in Leicestershire and Lincolnshire for £28.5 million. Each of the Properties, benefiting from very high occupancy levels, is fully let for 31 years to Prime Life, an established Care Quality Commission-regulated care operator which provides specialist facilities and services for elderly care, high dependency dementia and also for younger residents with learning disabilities, mental illnesses and physical disabilities. Prime Life is a family-owned business, with over 30 years’ experience and currently operates over 1,800 beds across 60 homes in the UK.
It has also completed the acquisition of the freehold interest in a portfolio of regulated 25 years let supported living properties located in Lancashire and Yorkshire for £1.8 million.
The Company has also now completed the acquisition of the £18.9 million 35-year let supported living portfolio, the exchange of which was announced on 16 October.
