Specialist Investment Properties has announced its seventh acquisition since implementing its new investment policy in early 2016.
SIPP Holdings Limited, a subsidiary of SIPP, has entered into a share purchase agreement to acquire a special purpose vehicle, HB Villages St Helens Limited, which will own four supported living bungalows in St Helens, Merseyside.
Construction of the properties is due to take approximately ten months and completion of the acquisition will not take place until construction has been fully completed.
SIPP Holdings will not be involved in the construction process or be obliged to provide any funding in conjunction with it. The required planning consents for the Properties have been obtained. An agreement has been entered into to lease the properties to Inclusion Housing Community Interest Company on a 35-year inflation linked, full repair and insuring lease. The first year's rent under the terms of the lease is approximately £47,000 per annum.
At 3:00pm: (LON:SIPP) Specialist Investment Properties Plc formerly Hotel Corp share price was +1p at 20p