Estates Gazette – Caan Homes In On Care
The investment firm chaired by former Dragons’ Den star James Caan, 90 North, has bought 10 care homes in a sale and leaseback from operator Prime Life, for £40m.
The acquisition is 90 North’s first in the care home sector. The Midlands-based homes, which have a total of 510 beds, provide nursing care for elderly people and adults, and have 35-year leases with annual inflation increases to the rent.
The sharia-compliant investor said it is carrying out due diligence on further purchases in the same sector, in response to investor demand from the Middle East and south-east Asia.
Caan said: “This transaction contributes to 90 North’s quadrupling of assets under management since this time last year.”
Deloitte Real Estate advised 90 North; Knight Frank advised Prime Life.
Article from Estates Gazette