Specialist business property adviser, Christie & Co has published its fourth annual report on adult social care.
The report highlights the sector’s continued funding and staffing challenges, as well as the causes and impacts of winter 2017/18 which saw unprecedented levels of pressure on NHS hospital trusts, with 24 trusts reporting a ‘Code Black’ state across the UK.
The report, ‘Adult Social Care 2018: Funding, Staffing and the Winter Crisis’, also presents data gathered from surveys of local authorities and more than 200 leading operators across elderly and specialist care in the UK, particularly looking at the use of agency staff, costs and fees, and how the Government’s additional funding has been used.
The 2018 report outlines the continued challenges the sector faces in both recruiting and retaining trained staff. Whilst the removal of the cap on Tier 2 visas for overseas nurses … Read More »
Retirement Villages Group (RVG) has completed the £4.5m regeneration of the Elmbridge Village site in Cranleigh, Surrey.
The recently opened apartments at Arun House comprise six one and fourteen two bedroom, high-spec apartments, including two penthouses. This, along with the completion of communal facilities, marks the completion of the Elmbridge Village redevelopment.
After taking just 15 months, the project was completed in July, in conjunction with Castleoak, specialist development and construction partners to the retirement living and care sector.
“This follows our recent work at both Elmbridge Manor and Charters Village,” said Castleoak managing director Doug Jones.
“Our specialist team understands the customer’s exacting requirements, and work collaboratively to deliver. Our purpose as a business is to create quality living space, and I believe we’ve achieved this again at Arun House.”
The initial phase of the build saw a new central clubhouse, Elmbridge Manor, constructed, … Read More »
Cheyne Capital has provided £51m in a refinancing package for Country Court Care, with Cheyne now the provider’s senior lender, replacing Barclays, Santander and AIB.
The funding will help Country Court Care grow its portfolio of 30 homes, which currently stretches from Brighton to York and includes seven new builds acquired in the past 24 months.
In the 29th edition of Care Homes for Older People UK market report, released in late July, market analysts
LaingBuisson say new data has led to a reappraisal of whether there is likely to be a care home supply crisis.
The UK market for care homes for older people is estimated to be worth £16.9bn in the year to March 2018, which represents nominal growth of about 3% with respect to the previous year.
LaingBuisson has collated and analysed data taken from CQC reports on individual care homes which shows that overall occupancy of care homes is lower than previously thought. It shows that the aggregate numbers of residents as a percentage of registered beds is 85%, whereas the widely accepted occupancy benchmark had been around 90%.
The research also points to there being a good deal of ‘latent provision’ in care homes, which … Read More »
Specialist social care developer Fairhome Group have announced a £25m investment in the Northern Ireland care sector as part of its plans to bring a new funding model to the province.
The group has been working with major stakeholders for the last nine months to create an investment package for the development and provision of care facilities and services.
Fairhome Group has worked with representatives from the province’s five health trusts and various leading health care experts to replicate the group’s privately funded model in Northern Ireland.
The group is now working with funders to provide investment for new care facilities. It will then develop the properties, via new build or redevelopment of existing buildings, and then work with housing and care providers to manage the assets for the long term.
The initial £25m will be invested in a number of schemes across Northern … Read More »
Signature Senior Lifestyle, a UK developer and operator of premium senior care and nursing homes has been acquired by Revera Inc., a Canadian-based owner, operator and investor in the senior living sector.
Revera and Signature have had a close working relationship since 2015, with Revera partially funding a management buyout of Signature.
Revera president and chief executive Thomas Wellner said the acquisition of Signature cemented a very beneficial partnership, providing Revera with a UK platform from which to expand, and Signature with the backing of a secure long-term owner and investor.
“This acquisition gives us an opportunity to increase our presence in the UK, which is experiencing accelerated growth in the senior living market, with the over 85 age group projected to almost double by 2036,” said Mr Wellner.
“It reflects our commitment to this sector not only in Canada, but in key growth markets. … Read More »
An investment bond launched on behalf of care village provider Belong has raised £50m and closed early due to high demand from investors.
The bond, which was offered by Retail Charity Bonds plc, was launched on 23 May and closed early on 31 May. The proceeds will be used to further Belong’s charitable objectives as well as to develop additional Belong villages. It offered an interest rate of 4.5% a year for a term of eight years.
Within eight days the offer was oversubscribed and orders from investors had to be reduced or turned away. Belong will borrow £35m initially when the bonds are issued on 20 June, but a further £15m of ‘retained bonds’ will be created which can be sold and the extra money loaned to Belong at a later date.
The bond is the eighth and one of the largest … Read More »
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 … Read More »
Caring Times, May 2018
UK-based Target Healthcare REIT has agreed contracts to buy and fund two new care homes.
At the end of last year Target had 49 care homes, having made five acquisitions during the year, with a further property under development, giving a total market value of £334.9m (June 2017: £282m).
Target has agreed a £15.6m deal to buy and fund a 68-bed care home in Shrewsbury, Shropshire, to be operated by Rotherwood Healthcare, and a 74-bed facility in Preston, Lancashire, to be let to L&M Healthcare.
The Shropshire home will replace an existing 45-bed home, being one of six care homes operated by Rotherwood Healthcare.
The Preston care home will become the fifth site operated by L&M Healthcare across the North West of England. Both operators will be new tenants to Target Healthcare.
Both homes are scheduled to open during 2019.
Caring Times, May 2018
A Sussex society providing specialist residential and home care for elderly people has received an unexpected £100,000 windfall.
Abbeyfield Ferring Society was presented with the substantial donation following the solvent liquidation of care home and sheltered accommodation provider Careways Trust by accountancy, investment management and tax group Smith & Williamson.
The society, part of the international Abbeyfield network, runs the Cornwall House residential home and the Old School House supported living in the village of Ferring, near Worthing, as well as supporting older people in their own homes.
The donation – from surplus money held by the trust after all creditors had been paid in full – is funding a new kitchen and revamped garden area at Old School House. Not-for-profit Abbeyfield Ferring was chosen to receive the windfall because it is based in Sussex, the county where Careways’ own … Read More »