Residential Secure Income Plc agreed to spend approximately £31.2 million to acquire a licensed retirement home portfolio of 277 properties in the U.K. from an undisclosed seller.
The multifamily residential landlord will acquire long-leasehold interests in primarily two-bedroom flats, according to a release. The assets, mostly located across southern England, have an average remaining term of 116 years.
Residential Secure said the rental homes portfolio is licensed to residential property management group First Port under a fully repairing and insuring perpetual licence. The assets are home to the retirement property managers required under head lease obligations.
Residential Secure will use its cash resources to finance the purchase that is slated to close on or before May 30.
