01/08/2022
Elevation Advisors LLP (“Elevation”) is pleased to announce that Elevation Healthcare Core Plus (“EHCP”), a real estate fund advised by Elevation, has completed the acquisition of land and a forward funding agreement to support the development of two new, state-of-the-art, 66-bed care homes in Shrewsbury and Stoke, from LNT Care Developments (“LNT”). Once built, the homes will be let to a subsidiary of Ideal Carehomes Limited (“Ideal”).
Ideal are a well-renowned operator of over 30 homes across multiple regions in England, with a strong reputation for providing high-quality care and service in a luxury modern environment.
The homes will be built to best-in-class standards with full en-suite wetrooms and strong environmental credentials, which include solar PV across the whole roof space, battery storage units to capture excess energy during the day, ground source heat pumps and no gas boilers. The high-quality care properties, which will create 60-80 jobs for the local communities respectively, will be let on a long-term lease with RPI-linked escalator with cap and collar.
Andrea Auteri, Managing Partner at Elevation said: “we are thrilled to begin our partnership with Ideal Carehomes by adding two homes into the portfolio, as we continue deployment of our EHCP real estate fund. LNT are renowned for their excellent quality homes and we look forward to practical completion in late 2022. Additionally, we are excited to have two of the most sustainable homes constructed by LNT in our portfolio, continuing to grow both our environmental and social ambitions as an organization.”
Matt Lowe, CEO at LNT said: “LNT Care Developments is delighted to partner once again with Ideal Carehomes and Elevation in providing another high quality residential care home to improve the lives of people in the local community.”
Stacey Linn at Ideal said: “Ideal Carehomes are excited by the prospect of working with Elevation in the development of these 2 fabulous, purpose-built care homes. Both Shrewsbury and Stoke are new locations for Ideal Carehomes and we look forward to working in partnership with Elevation and LNT to provide fantastic places to live alongside great career opportunities for people looking to make a difference in the local community.”
Knight Frank worked as advisor to LNT.
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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.