London-listed Residential Secure Income PLC completed the acquisition of 421 of 478 retirement home properties that are set to be purchased under a £40.2 million deal with U.K.-based housing association Places for People.
The multifamily-focused residential real estate investment trust said the balance of 57 assets are slated to change hands in 2018. Overall, the properties are spread across 284 purpose-built retirement schemes, with over 93% based in Southern England, including in the Greater London area.
The weighted average unexpired lease term of the homes, held on a long leasehold basis, is 92 years. Girlings, which is part of the Places for People Group, will continue to manage the portfolio.
Residential Secure has meanwhile signed heads of terms for long-dated investment-grade equivalent debt secured on the retirement homes portfolio.