Specialist Investment Properties acquires Birmingham care home
Specialist Investment Properties announced a further property acquisition on Wednesday - the sixth it has completed since implementing its new investment policy earlier this year.
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The firm said its subsidiary Secta Properties has exchanged on a property in Birmingham, which is to be leased as a children’s home to Meadows Care on a 25-year inflation linked full repair and insuring lease.
Completion is due to occur on 23 June.
“Meadows Care is a well-established children's home care operator, with over 10 years of experience,” Specialist’s board said in a statement.
“This property will be managed by Meadows Care as part of its agreement with Birmingham City Council to look after young people.”
The consideration for the acquisition was £0.57m, with Specialist Investment Properties funding £0.216m and the balance coming from funds drawn under its loan facility agreement with Heritage Square.
The property was purchased from its private owners, Darren Mann and Elizabeth Mann.