Specialist Investment Properties acquires Birmingham children's home

Specialist Investment Properties (SIPP) announced another property acquisition on Wednesday - the third such purchase since the board implemented its new investment policy.

The AIM-traded firm said its subsidiary, Secta Properties, exchanged on a property in Birmingham which will be leased to Meadow Care as a children’s home, on a 25-year inflation linked FRI lease.

Completion was set down for 15 April.

SIPP described Meadows Care as a well-established children’s home care operator, with more than 10 years of experience.

The property will be managed by Meadows Care as part of its agreement with Birmingham City Council to look after young people.

“The consideration for acquisition was £349,000, with SIPP funding £207,000 and the balance coming from funds drawn under its facility agreement,” the company’s board said in a statement.

“The property was purchased from a private individual, Abdul Wafi.”