One Housing to lease four new retirement schemes
Frontier Estates, a UK healthcare developer, has completed a pre-let and forward funding agreement of four premium retirement homes.
The four new schemes in Watford, Bedford, Flitwick and Letchworth will provide a total of 308 rooms for One Housing Group who have entered into new 30-year indexed leases on the properties which will be completed in 2019.
The deal cements One Housing’s expansion into the private care home sector with the development of their new, premium, private care home brand, Baycroft, a portfolio of luxury care homes, dementia facilities and senior villages throughout London and the South East.
The new developments have been forward funded by Aviva’s REALM fund for a total commitment of about £70m. Frontier were advised by Colliers International. Adam Lenton, Head of Healthcare for Colliers, said: “Working with John Knowles in our national capital markets team, we were delighted to bring together three such strong entities specialising in the sector to create this deal.”