London Borough devolves homes to a housing trust

Posted on July 1st, by editor in Caring Times. No Comments

The London Borough of Merton has selected Central & Cecil Housing Trust (CCHT) as its preferred partner to receive the transfer of two residential care homes for the elderly and a vacant development site. The deal, completed in early August 2000, saw the transfer of 75 staff and 68 residents to the CCHT. This is the first transfer from a local authority secured by the Trust. The three sites will be redeveloped one at a time over the next five years to provide 150 bed-spaces comprising residential care, residential care for the elderly mentally infirm and nursing care. The transfer of two operating care homes and one development site from the London Borough of Merton is being funded by The Royal Bank of Scotland with a loan of £9.3 million and is the first private finance loan for CCHT. The loan funds will be used to meet the £1 million transfer consideration and provide £8.3 million of phased development finance for construction of three new dual registered homes. The loan changes the gearing of the Trust

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