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L&G acquires three care homes developed by Castleoak for £25.2m from CarePlaces Fund
Mountfitchet House, Stansted

The CarePlaces Fund has announced the sale of three care homes to the Legal & General (L&G) UK Property Fund. Castleoak is the exclusive developer to the CarePlaces Fund in partnership with the fund manager Bridges Ventures.

The three care homes in Stratford-upon-Avon, Kidderminster and Stansted are leased to Care UK and total 187 beds. The total sale price was £25.2m, representing a net initial yield of 5.5%.

Mel Knight, Chief Executive of Castleoak says: “This deal demonstrates how Castleoak can add value throughout the whole value stream: acquiring land, securing planning, signing up a care operator, delivering the project to a high quality, managing the investment on behalf of funders and then contributing to the sale process. My thanks go to all members of the Castleoak team who have made a contribution to these projects.”

To date, the CarePlaces Fund has invested in 11 care developments, including care homes and close care apartments. Castleoak managed the sale process on behalf of Bridges Ventures. Dafydd John, Finance Director at Castleoak, adds: “The transaction demonstrates that the developments we produce are attractive to both operators and investors.”

Simon Ringer, Head of Property Funds at Bridges Ventures, commented: “By teaming up with Castleoak, which has 20 years of development expertise in the sector, we have successfully created a £100 million portfolio of high quality care homes with pre-lets in place. With more institutions recognising the merits of investing in this sector, we are pleased to be able to crystallise these early returns for our investors.”

You can read more information on this deal here.


Above picture: Completed September 2014, Mountfitchet House in Stansted is one of the three homes which has been sold to L&G.

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