21/12/2021
Elevation Advisors LLP (“Elevation”) is pleased to announce that Elevation Healthcare Properties (“EHP”), a real estate fund advised by Elevation, has completed the acquisition of land and a forward funding agreement to support the development of three new, state-of-the-art care homes for a total of 204 beds: firstly a 66-bed care home in Holbeach with LNT Construction (“LNT”) as developer and secondly, two care homes in Nottingham, totaling 138-beds with Tanglewood Care Homes (“Tanglewood”) as developer. All three homes will be let to Tanglewood.
Tanglewood is the leading operator in Lincolnshire and has thirty years of track record providing great care and support for over 400 residents. Tanglewood has been recognised in recent years for its innovative approach to residential care, receiving multiple awards and recognition for training initiatives and community facilities.
The homes will be built to best-in-class standards with full en-suite wetrooms and strong environmental credentials. The properties, which will create 60-80 jobs for the local community, will be let to Tanglewood on a long-term lease with RPI-linked escalator with cap and collar.
Andrea Auteri, Managing Partner at Elevation said: “We are thrilled to expand our partnership with Tanglewood with a further three developments to a total of 12 homes, of which 8 operating and 4 under various stages of construction.” In addition: “we have worked closely with LNT completing the acquisition of nine homes to date, as they continue to be renowned for their excellent quality new build homes.”
Karen Whitehead, Development Director at Tanglewood Care Homes said: “We are looking forward to completing these developments, all of which are in fantastic locations. This marks the next chapter for Tanglewood in what promises to be an exciting 18 months. In addition to the newly acquired schemes, Tanglewood Care Homes have already completed on 200 beds to best-in-class standards with full en-suite wetrooms and strong environmental credentials in the past 12 months. This brings the total number of homes for the partnership between Tanglewood and Elevation to 12. We know Elevation well and enjoy working with them, this is a wonderful opportunity to extend our relationship.”
Philip Raven, Director at LNT said: “LNT Care Developments is delighted to partner once again with Tanglewood and Elevation in providing another high quality residential care home to improve the lives of people in the local community.”
Disclaimer
This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.