The asset class institutional & US capital is racing into.
Long, index-linked income. Strong-covenant operators. A structural supply shortage. Keystone puts you inside it — at a keener yield than the institutions pay.
Third-party sector figures — Knight Frank and company reporting, 2024–25. Sources below.
A demand wall, not a cycle.
Demand is driven by demography, not a market cycle: the core care-home population more than doubles by 2050 while the supply of beds falls further behind.
UK population aged 85+ (millions)
The core care-home demographic more than doubles by 2050. Source: ONS / Knight Frank.
en-suite care-bed shortfall by end-2024 (Carterwood)
new beds needed every year to 2030 (Savills)
average care-home occupancy, 2025 (Knight Frank)
year the elderly-care market risks hitting capacity
Capital is pouring in — and accelerating.
UK healthcare real-estate investment is forecast to more than treble its long-term average in 2025 — and over half the capital now comes from overseas, two-thirds of it from North America.
overseas capital into UK healthcare RE, 2024
of cross-border capital is North American
Welltower
USUK portfolio — incl. Barchester £5.2bn (world's largest care-home deal), HC-One £1.2bn, Care UK
Aedifica + Cofinimmo
EUmerged 2025 — world's 4th-largest healthcare REIT
Octopus Real Estate
UK100+ purpose-built care homes, 7,000+ beds, 30+ operators
Target Healthcare REIT
UK92 operational care homes, 34 tenants
CareTrust REIT
USacquired Care REIT (137 homes) in 2025
Medical Properties Trust
USPriory sale-and-leaseback
The signal. When Welltower, CareTrust and Medical Properties Trust — three of America's largest REITs — are deploying billions into UK care homes, the institutional thesis is already proven. Keystone lets individual investors own a slice of the same asset class.
More income than residential — without the headaches.
A residential buy-to-let leaves you carrying voids, repairs, management and tenant risk. Care-home income comes on a long FRI lease where the operator carries all of it — and it still pays more. The trade-off is concentration: one operator pays the rent, and the operator could fail.
Net yields, like-for-like. The Keystone figure is a target entry yield on contracted rent under an FRI lease — not a return promise.
you carry repairs, voids, management, tenant risk
FRI lease, index-linked, operator carries all costs
Keystone's target entry yield is shown to certified qualified investors. Sector figures above are third-party (Knight Frank, 2025).
Why an FRI lease beats a normal let.
A full-repairing-and-insuring lease to a strong operator is what institutions buy. The tenant covers everything; you receive contracted FRI rent — clean, CPI-linked income under the lease.
| Traditional residential let | Keystone FRI lease | |
|---|---|---|
| Repairs & maintenance | You pay | Operator pays |
| Buildings insurance | You pay | Operator pays |
| Voids between tenants | Your risk — no rent | None under the lease — though rent relies on the operator performing |
| Management & lettings | Your cost & time | Fully managed operator |
| Lease length | 6–12 month tenancies | 25–35 year institutional lease |
| Rent reviews | Market, uncertain | CPI-linked, collared 2% / capped 5% |
| Income | Net of all the above | Net and contracted — reliant on the operator's covenant |
A genuine lease — not an “assured rent”.
Plenty of operators sell retail investors a care-suite or supported-living unit with a fixed “assured” or “guaranteed” rent for a few years. The structure is fundamentally weaker than a true institutional FRI lease — and regulators have noticed.
The “assured rent” retail model
- A short, fixed-term rent guarantee — not a genuine long FRI lease.
- Backed by a single, often small and unrated operator's solvency.
- Frequently sold outside FCA regulation — no FOS or FSCS recourse if it fails.
- Priced on a marketing figure, not an independent valuation.
- The guarantee is only ever as good as the operator behind it.
The Keystone structure
- A genuine 25–35 year FRI lease to a named, independently-funded operator — never a developer-affiliated shell — with Companies House accounts published in the data room before reservations open.
- Contracted FRI rent with CPI-linked reviews — rent the operator is contractually bound to pay, repairs and insurance included.
- The operator's own balance sheet stands behind the rent across its whole portfolio — your income does not depend on one building performing.
- Independent RICS Red Book valuation behind every price.
- Deposits in SRA-regulated escrow; promoted only as the financial-promotion rules allow.
- You own the freehold/long-leasehold title — a real asset, not a paper guarantee.
On the record. The FCA won a High Court case against a “Ponzi-like” care-room investment scheme whose promised returns “were never likely to be achievable” — ~£57m taken from ~380 investors, who were estimated to recover only around a third. That is the difference between a marketed “assured rent” and a genuine institutional lease. Our standard is the opposite: Honest price. Contracted rent. A real, independent operator. Standalone titled units. Commercial classification.
- 01Knight Frank, Healthcare Capital Markets 2024 & 2025 (transaction volume, yields, overseas-capital share).
- 02Savills, UK & European Care Home Investment 2025 and Healthcare UK Market Roundup H1 2025.
- 03Welltower / CareTrust REIT / Medical Properties Trust company announcements, 2024–2025.
- 04Target Healthcare REIT FY2025 results; Octopus Real Estate; Care REIT 2024 results.
- 05ONS National Population Projections (2022-based); Carterwood; LaingBuisson Care Homes UK 2025/26.
- 06FCA press releases & statements on unregulated / care-room investment schemes (2024–2025).
Sector figures are third-party, current to mid-2026, and describe the market — not a Keystone return. Indicative only; capital is at risk.
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.