Investment manager Downing exits five care homes following £65m investment
Investment manager Downing LLP has financially exited from a group of five trading care homes, comprising more than 390 beds, managed by Care Concern Group.
Downing has worked closely with Care Concern since 2012, investing some £65m across nine care home projects, including new-build developments, operational improvement projects, extensions and repositioning of existing homes.
Downing investment director Mark Gross said the company’s exit from the five care homes to an undisclosed real estate investor would see the repayment of Downing funds’ capital and would generate an attractive return to Downing’s investors across both the debt and equity provided. Care Concern will continue to operate the homes.
“We are delighted to have completed the exit from a number of our investments alongside the Care Concern Group,” said Mr Gross.
“We believe the estate includes some of the best care homes in the UK, providing high-quality care to hundreds of elderly people. We are proud that our funding has been able to provide the management team with a platform to grow and develop the business.”
Care Concern chief executive Manpreet Johal said the flexibility of Downing’s funding model and the support they had given had helped the operator to capture a range of strategic opportunities.
“Downing’s knowledge of the sector and their ability to understand our business has allowed us to efficiently deliver on our objective of developing a portfolio of premium-quality elderly residential care homes,” said Mr Johal.