Acquisition of a trading care home and forward purchase of two care homes in the UK
-
- Total investment: £46.5 million
- Attractive initial rental yield of 6.5%
- 30-year, triple net leases
- Total capacity: 201 residents
- Experienced private operator: North Bay Group
- Futureproof: highly energy-efficient properties with expected EPC ‘A’ ratings
Acquisition of a trading care home in Bilbao, Spain
-
- Investment: €17.5 million
- Attractive initial rental yield of 6%
- 20-year, double net lease
- Capacity: 147 residents
- Experienced private operator: Grupo Jardines
- Futureproof: highly energy-efficient property with EPC ‘A’ rating
“Aedifica continues to expand its healthcare portfolio by investing €72 million in four futureproof care properties in the UK and Spain at attractive yields.
All four care homes are purpose-built and meet the highest standards of care and comfort, accommodating a total of 348 residents. The properties are all highly energy-efficient, as evidenced by excellent ‘A’ EPC scores. These transactions bring our total amount of new investments announced in 2026 to approx. €178 million YTD.”
Stefaan Gielens, CEO of Aedifica
1. Acquisition of a trading care home & forward purchase of two care homes in the UK
Aedifica invests approx. £46.5 million in the acquisition of 3 futureproof, purpose-built care homes in Bridlington, Durham and York (UK).
Description of the properties
The three purpose-built care homes are located in prosperous residential areas in Bridlington1 (East Yorkshire), Durham2 (County Durham) and York3 (North Yorkshire). The trading care home in Bridlington was completed in Q2 2025, while both other properties are still under construction and are expected to be completed in Q4 2026.
The three care homes in this portfolio can accommodate a total of up to 201 residents. They have a similar layout and set of specifications, offering spacious bedrooms with en-suite facilities that are specifically tailored to suit the needs of elderly people requiring continuous care. Residents will be able to enjoy homely communal areas spread over three floors, including dining rooms, lounges, terraces, a bar, and (roof) gardens.
The buildings not only meet the highest standards in terms of care and comfort, but also in terms of sustainability, making them truly futureproof. All care homes are equipped with energy-efficient systems. A ground source heat pump provides sustainable, all-electric heating, while expansive rooftop solar power systems supply the buildings with renewable energy. This is reflected in high performance ‘A’ EPC4 scores, contributing to the continued improvement of the sustainability of Aedifica’s real estate portfolio.
1 Address: 19 Melbourne Avenue, Bridlington YO16 4PB (United Kingdom).
2 Address: 61 North, Bowburn Way Integra, Durham DH6 5FS (United Kingdom).
3 Address: 144 Acomb Road, Holgate, York, YO24 4HA (United Kingdom).
4 Energy Performance Certificate (EPC).
Description of the transaction
On 23 July 2026, Aedifica acquired ownership of Beechwood Care Centre. The agreement for the acquisition of Bowburn Manor and Acomb Manor – which are still under construction – was also signed on 23 July and Aedifica will pay the purchase price and acquire ownership of these properties upon completion of construction in Q4 2026. The total contractual value5 for the three assets amounts to approx. £46.5 million.
Description of the operator and the leases
The care homes are operated by North Bay Group, a well-established operator and developer with nearly 20 years of experience in the local elderly care sector. The group currently operates 73 care homes across Central and Northern England, of which 22 are owned by Aedifica, offering high-quality elderly care services to approx. 4,400 residents. With the acquisition of this portfolio of purpose-built, futureproof care homes, Aedifica strengthens its lasting partnership with North Bay Group, further improving the quality of its portfolio.
All three care homes are let on the basis of new, irrevocable, 30-year, triple net leases. The initial rental yield on purchase price amounts to approx. 6.5% and the acquisition will be immediately EPS accretive.
5 The contractual value complies with the provisions of article 49 § 1 of the Belgian Act of 12 May 2014 on regulated real estate companies
2. Acquisition of a new trading care home in Bilbao (Spain)
Aedifica invests approx. €17.5 million in the acquisition of a trading care home in Bilbao, Spain, operated by Grupo Jardines.
Description of the property
Jardines de Eztebe6 is a recently completed, purpose-built care home that opened its doors in July 2024. It is located in a residential area in Doneztebe-Etxebarri (approx. 12,000 inhabitants), approx. 7 km from Bilbao city centre (350,000 inhabitants). The care home welcomes up to 147 residents in spacious bedrooms with en-suite facilities that are specifically tailored to suit the needs of elderly people requiring continuous care.
The seven-storey building offers residents inviting communal areas, including dining rooms and living rooms with terraces, a gym, a courtyard and an exterior garden area, designed to encourage social interaction and create a warm, homelike atmosphere. Furthermore, the property includes a social and medical care centre accommodating up to 20 people.
The care home not only offers the highest standards in terms of care and comfort, but also in terms of sustainability, making it truly futureproof. It is equipped with energy-efficient systems and a rooftop solar power system supplying the building with renewable energy. This is reflected in its high performance ‘A’ EPC7 score (LEED Gold), contributing to the continued improvement of the sustainability of Aedifica’s real estate portfolio.
6 Address: Bilbao-Galdakao Errepidea 8, Doneztebe, Vizcaya (Spain).
7 Energy Performance Certificate (EPC).
Description of the transaction
On 23 July 2026, Aedifica acquired ownership of the care home. The contractual value8 amounts to approx. €17.5 million.
Description of the operator and the lease
The property is operated by Grupo Jardines, a well-established operator with over 20 years of experience in the local elderly care sector. The group currently offers elderly care to nearly 400 residents across five care homes in the Bilbao region.
Aedifica welcomes this new partnership with a quality elderly care provider. This transaction will enable Grupo Jardines to further strengthen its presence in the Basque Country.
The care home is let on the basis of a new, irrevocable, 20-year, double net lease. The lease agreement provides that repairs, conservation and maintenance of the property are borne by the tenant, except for the repair and replacement of structural elements of the building. The initial rental yield amounts to approx. 6%.
Forward-looking statement
This document contains forward-looking information that involves risks and uncertainties, including statements about Aedifica’s plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Aedifica. Should one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, Aedifica does not assume any responsibility for the accuracy of these forward-looking statements.
