Belgian firm Aedifica invests £14m for redevelopment of care home

Aedifica has confirmed £14m of investment into the redevelopment of a former care-home sit which has been demolished. The site, situated 15-miles from Greater London, will deliver a care home for up to 65-people. On completion the care home will be operated by Hamberley Care Homes.

Stefaan Gielens, CEO of Aedifica, commented: “We are investing £14 million in the complete redevelopment of an older care home in our UK portfolio. By redeveloping and repositioning this property, we are unlocking the full value potential of its location near London: the project will offer us a high-yielding top-quality asset and allow us to realise a fair value gain upon delivery. Unlocking value through the redevelopment and repositioning of our properties is an essential part of our capital deployment strategy. Our UK team oversees this in-house development project. We expect to do more similar value creating projects in our UK portfolio in the near future.”

Bruce Walker, Country Manager of Aedifica UK, adding: “This redevelopment will transform The Mount from a bottom 5 to a top 5 building within our UK portfolio. Besides improving well-being and nearly doubling the capacity to 65 residents, the redevelopment also marks a major upgrade in terms of sustainability. The new building will be highly energy-efficient, which is reflected in an excellent expected ‘A’ EPC score. Moreover, this transaction deepens our successful relationship with Hamberley Care Homes, a leading UK care home operator that already runs two of our properties.”