04/03/2024
Elevation Advisors LLP (“Elevation”) is pleased to announce that Elevation Healthcare Properties (“EHP”), a healthcare real estate fund advised by Elevation, agreed to acquire from Clariane S.E. (“Clariane”) 11 properties and simultaneously lease them back to Berkley Care Group (“Berkley Care”). Concurrently, Berkley Care’s existing leadership team agreed to acquire the operations of Berkley Care operations from Clariane. The total consideration to Clariane was £207 million. In line with EHP’s existing strategy, the properties are let to Berkley Care on inflation-linked, long-term leases.
This transaction cements and expands EHP and Berkley Care’s existing relationship. Berkley Care is a highly-regarded operator of 12 modern award-winning prime care homes across England comprising 805 high-quality beds.
Andrea Auteri, Managing Partner at Elevation said: “We carefully select operating partners who are proven to create best-in-class care home environments, have an excellent record in care and can evidence a positive impact on their respective local communities. We are delighted to extend our relationship with Berkley Care who are a certified Top Employer and are committed to continuously evolve and improve their environments and practices for staff, residents and communities. We are additionally excited to incorporate an additional 11 high-quality assets into our rapidly-growing EHP portfolio. We look forward to the partnership with the Berkley Care’s leadership team to grow the company.”
Laura Taylor, Chief Executive Officer at Berkley Care said: “We’re thrilled to be broadening our partnership with Elevation, whose values, culture and ambitions mirror our own. Berkley Care Group’s mission has always been to provide industry leading, compassionate all-inclusive care, enabling residents to live well today and thrive tomorrow. This partnership supports this mission and we’re excited to begin this new chapter.”
EHP is a leading open-ended healthcare real estate investment vehicle in prime elderly-care real estate in the U.K.. EHP owns 40 U.K. care home properties providing over 2,700 beds, tenanted to nine best-in-class care operators. EHP has a robust and comprehensive ESG strategy in place to provide a high level of environmental sustainability and positive social impact. Key to the delivery of this strategy is ensuring that all assets are future-proofed through the integration of the latest technologies and standards. The Berkley Care homes all perform at a high standard in respect of their ESG credentials with 100% achieving an ‘A’ or ‘B’ EPC rating and are anticipated to achieve BREEAM in Use ratings of ‘Very Good’ / ‘Excellent’.
EHP aims to address the structural undersupply of elderly care beds in the U.K. through the provision of high-quality modern care environments. The activities of EHP are aligned with progressive ESG and sustainability requirements including Article 8 under the Sustainable Financial Disclosure Requirements (“SFDR”) in which it is in the process of formally registering against. These properties are a vital part of the healthcare infrastructure fabric of the country and are designed to meet increasing environmental standards.
EHP was advised by CBRE, Akin Gump, Pinsent Masons and Deloitte on this transaction.
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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.