Specialist Investment Properties acquires Birmingham care home

(ShareCast News) - Specialist Investment Properties announced a further property acquisition on Wednesday - the sixth it has completed since implementing its new investment policy earlier this year.The firm said its subsidiary Secta Properties has exchanged on a property in Birmingham, which is to be leased as a children's home to Meadows Care on a 25-year inflation linked full repair and insuring lease.Completion is due to occur on 23 June."Meadows Care is a well-established children's home care operator, with over 10 years of experience," Specialist's board said in a statement."This property will be managed by Meadows Care as part of its agreement with Birmingham City Council to look after young people."The consideration for the acquisition was £0.57m, with Specialist Investment Properties funding £0.216m and the balance coming from funds drawn under its loan facility agreement with Heritage Square.The property was purchased from its private owners, Darren Mann and Elizabeth Mann.