East Mids care homes acquired in £28.5m deal

LXI REIT has bought the freehold interest in five care homes across Leicestershire and Lincolnshire in a deal worth £28.5 million.

The homes are fully let 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.

Simon Lee, Partner of LXi REIT Advisors Limited, commented:

“The Company has now deployed 92% of the net proceeds of its second issue of shares announced on 12th October 2017 and we are in solicitors’ hands on further acquisitions which will fully absorb the outstanding balance of the fundraise in the next few weeks.


Since the Company’s IPO on 27 February 2017, the Company has deployed a total of £234 million of equity and debt capital across 29 acquisitions at an average net initial yield of 6.0% and with a weighted average unexpired lease term to first break of over 24 years.”