Bridges sells Sidcup site to Ropemaker
Bridges Fund Management, a specialist sustainable and impact investor, has agreed the pre-sale of an 80-bed care home in Sidcup, Kent, to Ropemaker Properties, the property holding company of BP Pension Fund. Ropemaker has committed to acquire the site for £17.3m. For Bridges, this reflects a net initial yield of 4.5%. The sale is expected to complete in late 2018, once the construction phase is finished.
In 2015, Bridges bought a 3.1acre site adjacent to St Mary’s Hospital in Sidcup, investing from Bridges Property Alternatives Fund III. Working with specialist developer Castleoak, it has since been granted planning consent for a scheme comprising 80 care beds. The home has already been pre-let to operator Care UK on a 30-year term.
Bridges has been actively investing in the healthcare sector – and care homes in particular – since 2010, in line with its strategy of focusing on investments that can make a positive societal impact alongside attractive commercial returns.
The company says an ageing population and lack of public sector funding for elderly care, particularly those with specialist care needs, has created a shortfall in the supply of high-quality accommodation. At the same time, private-sector operators are seeking new, purpose-built facilities primarily for private pay residents. Bridges and Castleoak have now collaborated on the development of 15 care homes across the South of England.