Nick Leslau, the high-profile property investor, has sold a portfolio of UK care homes to Legal & General, as the insurer ramps up its landlord activities in order to fund its pensions and annuities business.

L&G has acquired the 13 care homes for just over £70 million from Leslau's vehicle, Prestbury Investments, giving an initial yield of 6.15%. It marks the insurer's first investment in care homes for the elderly, according to Paul Stanworth, managing director of Legal & General Capital.