Nursing Home Properties (NHP) has paid a subsidiary of APTA Healthcare £3.3m for two nursing homes in Wales.
NHP acquired the 47 bed St Dunstans Nursing Home, Griffithstown, Gwent, for £1.25m. The home was leased back for a 25 year term at £27,156pa after finance costs (gross yield 10.8%). There is an option to renew the lease and repurchase the home.
NHP has also acquired the 72 bed Mountleigh and Bryngwyn Nursing Home, Newbridge, Gwent, from APTA. The purchase price was £2.05m. Again, a 25 year lease was agreed on a gross yield of 10.8% (producing £44,536 pa) and there is an option to renew the lease and repurchase the home.
