Aedifica has invested in a care home for Torwood Care that will be developed in a residential area in York (211,000 inhabitants, County North Yorkshire). It will accommodate 72 residents in spacious bedrooms with en-suite facilities that are specifically tailored to suit the needs of elderly people requiring continuous care. The care home will meet the highest standards of care and comfort, catering to the upper mid-market segment. The building will use energy-efficient systems and renewable energy sources, which should result in an EPC2 rating ‘A’ upon completion of the works, contributing to the continued improvement of the sustainability of Aedifica’s real estate portfolio. Construction will start soon and is expected to be completed in the second quarter of 2024.

Stefaan Gielens, CEO of Aedifica, commented: “We are pleased to announce that Aedifica will invest approx. £13.5 million in the development of a brand-new care home in York. This purpose-built care property will comprise 72 en-suite bedrooms for seniors requiring continuous care. We look forward to continuing to develop and invest in futureproof healthcare real estate with our local team.”

Bruce Walker, Country Manager of Aedifica UK, adding: “In the design of this new development project in York, special attention was paid to environmental standards and energy efficiency, which will result in an EPC rating ‘A’. Construction is expected to be completed in the second quarter of 2024. We are pleased to deepen our relationship with care provider Torwood Care and developer Torsion Care, having already launched a project in Sleaford with both parties earlier this year.”

Torwood Care is a joint venture between Torsion Care and an experienced third-party operator. Torsion Care is a healthcare real estate development business established in 2019 that develops, constructs and operates elderly care facilities. The other party has several years of experience in operating multiple care homes. Torwood Care will also operate the care home that Aedifica is currently developing in Sleaford4 . The care home will be let on the basis of a new irrevocable 35-year triple net lease. Upon completion of the works, the initial net rental yield will amount to approx. 6%.