Bridges sells Sidcup site to Ropemaker


Posted on August 2nd, by geoff in Caring Times. Comments Off on 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.





Comments are closed.


Latest blog posts

A quick task for Monday morning

By Caring Times editor GEOFF HODGSON

Any measure which will go some way to stemming the tide of promotional pablum which is flooding our computers has...

Sutherland: remember him?

By guest blogger JEF SMITH

Half a century ago I had a series of wonderfully happy working holidays in Sutherland, that most beautiful part of north-west...

Postponing the inevitable

By Caring Times editor GEOFF HODGSON

In expressing their pleasure at being allocated an extra £40m in funding, Dementia Research UK makes the startling claim that...