News: Powell Williams advises LXi REIT plc on £28.5m acquisition of care home portfolio
Paul Scourfield | 27 November 2017LXI REIT plc has bought the freehold interest in five modern, purpose-built care homes across Leicestershire and Lincolnshire in a deal worth £28.5 million.
Powell Williams undertook technical due diligence surveys on all five properties for LXi REIT and managed the input of all other consultants involved on the instruction.
All properties were inspected with full reports issued within 7 working days from instruction
Jamie Beale, LXi REIT said:
“Without the input from Powell Williams and their speed of response it is unlikely we would have met the timelines in acquiring these properties.”
The assets are fully let to Prime Life, 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.
Currently, the leases are income-producing and have an unexpired term of 31 years with no break, and are subject to yearly upward-only reviews index-linked to the UK Retail Prices Index.
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