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Investment trust K&C REIT in £1.6m acquisition of luxury retirement home specialists

South Kensington investment trust K&C REIT has announced the acquisition of residential retirement home specialists the Osprey Management Company Limited.

The deal will see K&C stump up a total of £1.6m for the Middlesex-based property company, consisting of £1.3m upfront with a three million K&C ordinary shares valued at up to 10p per share.

Founded in 1985, Osprey have a range of luxury residential retirement home properties across London and the South East, with its three core properties valued at a total of £2.55m, along with six-figure units in growth areas such as Bromley and Finchley.

With the UK’s ageing population and changing demographics, the demand for retirement home properties is only going to increase in the coming years, and today’s deal appears to be K&C making significant moves into the growing sector.

Tim James, Managing Director of K&C REIT, commented: “We are delighted to have the opportunity to add to our property management resources and buy assets in excellent areas in portfolios that can capitalise on K&C’s considerable property expertise.

“We are particularly pleased that, in every way, the acquisition supports our investment strategy of seeking and acquiring high quality properties held in special purpose vehicles where the owners are seeking an exit.

“We also look for properties which, by employing the expert long-term management that K&C can deliver, offer our shareholders the opportunity for greater returns. We feel that Osprey is an ideal proof of our investment strategy.”

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