CareTrust REIT acquires two UK care homes

CareTrust REIT has purchased two care homes in the UK for roughly $27 mln (€23 mln).

CareTrust REIT

These facilities have 265 beds for residents needing more intensive care and are leased to a current operator through long-term agreements that include options to extend and annual rent increases. 
CareTrust used its available cash for this investment, expecting a return consistent with its previous investments. 
The company plans to keep looking for more acquisition opportunities in both the UK and the US, leveraging its strong financial position and focus on quality operators to support care providers in both countries.
James Callister, CareTrust’s CIO, said: “We are pleased to announce our first follow-on investment in the UK since the acquisition of Care REIT earlier this year. This acquisition is a strong addition to our portfolio and further evidence that our pipeline in the UK continues to expand. We’re excited to keep growing our presence there alongside experienced operators.”
Martin Robb, senior VP of Investments, added, “The UK care home market continues to present compelling opportunities for disciplined investors. This transaction underscores CareTrust’s ability to identify and execute on high-quality opportunities in partnership with operators who share our long-term vision.”