15th Sep 2016 13:47
LONDON (Alliance News) - Specialist Investment Properties PLC on Thursday said it has acquired 12 flats in Staffordshire for a total of GBP1.3 million.
The company said all the flats have one bedroom and are located in Fazeley, providing living accommodation for adults with learning difficulties. This will be the company's third acquisition in the supported-living sector and the eighth acquisition overall since it began implementing its new investment policy in March.
SL Boathouse Ltd, a subsidiary of the company, will lease the flats to Inclusion Housing Community Interest Co on a 25-year, inflation linked, full-repair and insuring lease. Completion should occur on September 26.
Inclusion Housing is an established housing association responsible for providing accommodation for adults with learning difficulties. Midway Care Group will be the care operator for the Property and will enter into an agreement with Inclusion Housing to underwrite any rental voids in the first five years of the lease.
Notably, Midway Care owns 50% of Midcroft Care Ltd, which sold the flats to Specialist Investment.
The total consideration is GBP1.3 million, with funding from Specialist Investment of GBP521,000 and the balance coming from the loan facility provided by Heritage Square Ltd.
The gross initial rent per annum will be GBP115,000.
Specialist Investment shares were untraded at 21.20 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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