Income while you hold. A potential gain on exit.
You buy institutional-grade care income at an entry yield of —.—% on contracted FRI rent, collect CPI-linked rent under that lease, then sell to an institution. If a keener exit yield — —.—% in our base case — is achieved, the compression adds a capital gain on top of the rental growth. Yields can widen as well as compress.
Illustrative, assumptions-based figures. The operator could fail. Resale takes time. Values can fall. Yields and exit pricing are not guaranteed. Capital at risk. Not advice.
Three potential sources of return.
One asset, three ways it can pay you — contracted rent through the hold, CPI-linked growth in that rent, and a capital gain if the exit yield compresses.
Contracted income
From lease commencement at completion you receive contracted FRI rent from a named, independently-funded operator — the operator carries repairs, insurance and running costs, and its own balance sheet stands behind the rent across its portfolio.
Rental growth
Reviews are CPI-linked, collared at 2% and capped at 5% a year — so the contracted rent rises through the hold, whatever inflation does.
Yield compression, if achieved
Institutions pay keener yields for stabilised care income. Exiting at a keener yield than you bought at adds a capital gain — though yields can also widen, which would reduce returns.
Every pound of the base case, to scale.
Four moving parts: what you pay, the rent you collect, the growth in that rent, and the change in the yield a buyer pays at exit. Drawn to scale for a single unit — illustrative, if achieved.
The worked return model is shown to qualified investors.
Ten-second certification under the UK financial-promotion rules. No obligation.
Illustrative, assumptions-based figures. The operator could fail. Resale takes time. Values can fall. Yields and exit pricing are not guaranteed. Capital at risk. Not advice.
Stoke — one unit, two exits.
A single FRI-leased unit in our Stoke scheme: bought, held while the rent rises, then sold to an institution. The compressed exit is the base case if achieved — the no-compression and yield-widening cases are shown for balance.
The Stoke worked example — entry price, five years of rent and both exit scenarios — is shown to certified qualified investors.
Ten-second certification under the UK financial-promotion rules. No obligation.
What if the exit yield moves against you?
The hold income is contracted — but only as strong as the operator paying it; the operator could fail. The exit yield is a market call. Here is the same five-year hold under three exits — the base case, the no-compression case, and the case where yields widen against you.
The sensitivity analysis — five-year total returns under three exit-yield outcomes — is shown to certified qualified investors.
Ten-second certification under the UK financial-promotion rules. No obligation.
Illustrative, assumptions-based figures. The operator could fail. Resale takes time. Values can fall. Yields and exit pricing are not guaranteed. Capital at risk. Not advice.
Model your return.
Flex the entry yield, the exit yield, rent growth and your hold period. Every output recomputes live — including the downside if yields move against you.
The interactive model — and every figure it produces — is shown to certified qualified investors.
Ten-second certification under the UK financial-promotion rules. No obligation.
Figures are illustrative, shown only to certified qualified investors, and subject to an independent RICS valuation per scheme. Yields are not guaranteed to compress and can move against you. Not investment advice. Capital is at risk.
Your exit is the deepest pool of capital in real estate.
These institutions are deploying billions into exactly this asset class today. A stabilised, FRI-leased care asset is what they want to own — that demand is the basis of the exit thesis, though no institutional purchase is guaranteed.
Welltower
US≈ £10bn UK portfolio — incl. the £5.2bn Barchester deal
Aedifica + Cofinimmo
EU€12.1bn — the world's 4th-largest healthcare REIT
Octopus Real Estate
UK£1.8bn+, 100+ care homes, 7,000+ beds
Target Healthcare REIT
UK£930m across 92 operational homes
CareTrust REIT
US$817m acquisition of Care REIT in 2025
Medical Properties Trust
US£800m Priory sale-and-leaseback
Beneath the institutional thesis sit two unit-level routes out: open-market resale — Keystone maintains a register of qualified buyers — and, where offered on a scheme, an operator/developer buy-back option at a price defined in the reservation pack. Resale takes time and no exit is guaranteed.
Honest price. Contracted rent. A real, independent operator. Standalone titled units. Commercial classification. Institutional standards, end to end — named, independently-funded operator covenants with Companies House accounts published in the data room, independent RICS valuations, deposits in SRA-regulated escrow, individual long-leasehold title, a live owner portal, and identity and source-of-funds (AML) checks on every buyer — required by law, run on every reservation. The same standards an institution underwrites to.
How Keystone protects investors →Request the investor pack.
Everything a serious investor asks for, in one reply — within one business day.
Scheme overview & live availability
Unit schedule, status and the build programme.
Lease heads of terms
FRI structure, CPI-linked rent reviews (collared and capped), operator covenant note.
The compliance pack
SRA-escrow deposit route, RICS valuation process, title structure.
A named contact
One person who knows the schemes — never a call centre.
Illustrative, assumptions-based figures. The operator could fail. Resale takes time. Values can fall. Yields and exit pricing are not guaranteed. Capital at risk. Not advice.