Tag: Property


Fairhome to invest an initial £25m in public provision in Northern Ireland

Posted on July 6th, by geoff in Caring Times. Comments Off on Fairhome to invest an initial £25m in public provision in Northern Ireland

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 »


Revera buys Signature Senior Lifestyle

Posted on June 26th, by geoff in Caring Times. Comments Off on Revera buys Signature Senior Lifestyle

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 »


Belong raises £50m through Retail Charity Bond

Posted on June 8th, by geoff in Caring Times. Comments Off on Belong raises £50m through Retail Charity Bond

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 exits five care homes following £65m investment

Posted on June 7th, by geoff in Caring Times. Comments Off on 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 … Read More »


Target funds two new builds

Posted on May 11th, by geoff in CT Extra. Comments Off on Target funds two new builds

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.


£100,000 boost for Abbeyfield Ferring as Careways Trust winds up

Posted on May 11th, by geoff in CT Extra. Comments Off on £100,000 boost for Abbeyfield Ferring as Careways Trust winds up

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 »


Mel Knight passes the baton

Posted on April 17th, by geoff in Caring Times. Comments Off on Mel Knight passes the baton

After more than 25 years at the helm of care sector construction specialist Castleoak, Mel Knight stepped down as executive chairman at the end of

March.

Over the past five years, the shareholders have led a succession plan to evolve the business from a shareholder-led business to one led by an independent management team.

The implementation of the succession plan is now complete, and Craig Currie, as chief executive, and his team have been leading the company for some time now.

Karen Rosser now steps up from non-executive director to non-executive chair. Karen has been part of the senior team since 2011, having joined Castleoak in a HR leadership role.

Mel, who remains a major shareholder in Castleoak, will now be pursue a range of other interests in the care and retirement living sector “Castleoak is well positioned for further success and growth, and importantly … Read More »


Retirement housing failing to meet growing demand, says Knight Frank

Posted on April 13th, by geoff in Caring Times. Comments Off on Retirement housing failing to meet growing demand, says Knight Frank

Global property consultancy Knight Frank says current stock levels of retirement housing and projected demographic changes highlight a critical undersupply of age-appropriate homes.

In its latest report, The Case for Retirement Housing, the firm assesses the drivers of what it describes as an ‘imminent crisis’. There are currently 11.8m people in the UK over the age of 65, which is forecast to rise by 20% over the next decade. This means that the time spent in ‘retirement’ will also lengthen, underpinning the need for retirement housing.

The gap between the potential pool of demand and current supply is stark. Present stock (from age-restricted over-55s housing to housing with care) comprises 725,000 homes, which equates to just .2.6% of the total housing stock in the UK.

Knight Frank’s research suggests that about 25% of over-55s would consider downsizing; or moving into some sort of … Read More »


Advinia Health Care acquires 22 Bupa care homes across the UK

Posted on April 12th, by geoff in Caring Times. Comments Off on Advinia Health Care acquires 22 Bupa care homes across the UK

Care home provider Advinia Health Care has acquired 22 Bupa care homes as part of a deal with the international healthcare group that closed in February. The acquisition follows the completion of Bupa’s transfer of 110 care homes to HC-One in December.

The deal means Advinia Health Care now operates 38 care homes in the UK, comprising 3,250 beds, an increase of more than 500%. The company is now among the top 10 private care providers in the UK, and has taken over the employment of more than 3,700 staff who previously worked at Bupa. No reductions in overall staff numbers are expected.

The equity for the Advinia purchase, whose price has not been disclosed, was provided by Dr Sanjeev Kanoria, a liver surgeon and ex-McKinsey consultant from London, who co-founded Advinia with his wife Sangita Kanoria. Debt was arranged by Credit … Read More »


Target funds two new builds

Posted on April 5th, by geoff in Caring Times. Comments Off on Target funds two new builds

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.



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