LDC Care Homes (LDC) has completed the sale of 32 UK care homes to Franklin Real Asset Advisors, on behalf of the Franklin Templeton Social Infrastructure Strategy, for an undisclosed price.
The portfolio of assets, which comprises approximately 1,500 beds, was previously leased to Four Seasons Health Care (FSHC).
In 2020, LDC appointed Elevation Advisors to advise on the transition of the operating assets from FSHC to six replacement operators on new 35-year FRI leases with institutional terms.
Eamonn Meadows, investment director at Elevation, said: “Fulfilling the market need for high quality care home beds in sustainable real estate squarely aligns with Elevation’s ESG strategy. We are very proud of the progression we have made in modernising the LDC portfolio and making a difference to the environmental performance of the homes.
“We would like to thank the operators and their staff for their partnership, and will particularly remember their extraordinary efforts to keep residents safe during the coronavirus pandemic at the very start of our relationship. The realisation of this investment for our investors is a great vote of confidence in the UK care home sector and reinforces the positive social outcomes that can benefit an investment strategy.”
