Aviva checks into northern UK care homes

Aviva Investors, the global asset management business of Aviva, has acquired the freehold interest in a group of five care homes through its Lime property fund.

Financial details were not disclosed.

The five properties, located in Yorkshire and County Durham, comprise over 380 en-suite rooms offering elderly and specialised dementia care. They include the Wetherby Manor in Wetherby, Manor House in Barnard Castle, Manor House in Knaresborough, Oulton Manor in Leeds and the Manor House in Harrogate.

'The purchase of these properties further develops our strategy of acquiring robust assets alongside the presence of a high-quality tenant,' said Kris McPhail, fund manager at Aviva Investors.

Aviva Investors has also confirmed an initial 35-year lease agreement across each property with Anchor Hanover, which has acquired operation of the care homes, previously owned and run by Hadrian Healthcare Group. The leases include annual rental reviews linked to RPI.

According to Aviva, the Lime fund is part of its long-income strategy with a net asset value of £2.3 bn (€2.6 bn). Launched in 2004, the fund has capital to invest and is targeting property investments that provide inflation-linked or fixed-rental uplifts let to tenants on leases of 15 year plus, cross sector, UK wide.

Savills advised Aviva Investors and Knight Frank acted as selling agent.

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