26/08/2020
Elevation Healthcare Properties (“EHP”), a real estate fund advised by Elevation Advisors LLP (“Elevation”), is pleased to announce that it has completed the acquisition of land and a forward funding agreement to support the development of a new, state-of-the-art, 62 bed care home located in Buckingham, Buckinghamshire, in partnership with an affiliate of Maria Mallaband Care Group’s (“MMCG”). Once built, the home will be let to MMCG.
MMCG is a leading national private pay-led operator of over 80 homes and has a strong track record as developer and operator offering a full range of high-quality care services.
The property will be built to best-in-class standards with full en-suite wetrooms, making full use of the latest infection control technology to provide the best environment for resident care and staff. The property will be let on a long-term lease with RPI-linked escalator with cap and collar. The development further enhances EHP’s geographic diversification and consolidates EHP’s relationship with MMCG.
The property is part of a wider 70-acre vibrant development, which includes residential, commercial, education, recreation and healthcare. The development’s healthcare provision is also expected to include a new GP surgery with up to 40,000 patients. The care home development will provide the community with much needed elderly care beds and support the employment of over 20 individuals during the development and construction phase and up to 80 members of staff once fully operational.
Hunter Drew, partner at Elevation said: “we are thrilled to expand our partnership with MMCG to include this second development. MMCG and Elevation are really excited to move to the next phase of the project.”
Chris Womack, development director at MMCG said: “Buckingham is a fantastic opportunity for MMCG and this location has been a key target for some time. We are delighted our partnership with Elevation will allow us to create an unrivaled 5-star care environment to the local community.”
EHP continues to pursue further transactions with a growing exclusive pipeline of future potential investments.
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.