Real Estate
Home›Real Estate›Industry›CareTrust buys UK care home portfolio for £1.1B
CareTrust buys UK care home portfolio for £1.1B
The deal adds a 2,970-bed portfolio from LNT, lifting CareTrust’s UK holdings to 2.9B and more than 12,000 beds.
Bisnow reports that senior living and healthcare REIT CareTrust has agreed to buy a portfolio of UK care homes for £1.1B from care home developer and operator LNT.
The transaction covers 2,970 beds and is expected to expand CareTrust’s UK portfolio to £2.9B and more than 12,000 beds, following its entry into the country last year.
Bisnow notes that CareTrust’s UK buildout began with a previous £634M purchase of Care REIT, and that its UK portfolio had already grown by 50% before the LNT acquisition was announced.
CareTrust senior vice president of investments Martin Robb said in remarks ahead of the deal that U.S. investors can access more liquid and efficient capital markets, and that fundraising capability is “impressive,” according to Bisnow.