18/11/2024
Elevation Advisors LLP (“Elevation”) is pleased to announce that Elevation Healthcare Properties (“EHP”), a real estate fund advised by Elevation, has completed the sale and leaseback of a best-in-class care home in St Neots (Cambridgeshire). Henbrook House is let to Connaught Care (“Connaught”) on a long-term lease with RPI-linked escalator with cap and collar.
Connaught, a new operator relationship for EHP, is an award-winning operator of four high-quality prime care homes in the East and South East of England, comprising 281 beds, with an active pipeline of seven development sites. With a dedication to high-quality care, Connaught provides residential and residential dementia care in beautiful purpose-built environments.
Henbrook House, which opened in May 2024, has 69 ensuite wetroom bedrooms designed for the comfort and safety of relatives and staff. Amenities include a bistro, cinema room, private dining room and health spa.
In line with EHP’s ambitious ESG strategy, Henbrook House has a high build quality with a design emphasis on environmental performance. The home already has an EPC A-rating with further plans to install solar panels to further improve energy efficiency at the home in the near-term. The home has also achieved a BREEAM New Construction rating of ‘Good’, is expected to achieve a BREEAM In-Use rating of ‘Very Good’ with the potential for ‘Excellent’. In addition to all electric kitchen and laundry equipment, minimising gas use, the home incorporates water efficient fittings throughout. To encourage sustainable travel, there are EV charging points and cycle storage, in addition to the home’s proximity to local public transport. The home also offers ample green space to residents in excess of 30% of the site’s area to support wellbeing and local biodiversity.
Andrew Winstanley, CEO of Connaught Care said: “We are delighted to have partnered with EHP for the sale and leaseback of Henbrook House. This partnership will enable Connaught to continue its ambitious growth plans and realise its pipeline of development opportunities that will see Connaught bringing eleven high-end homes to the elderly care market in a space of 24 months. The Connaught Care Collection strives to deliver best-in-class care homes that are not only renowned for the luxurious build and fit-out, but are coupled with the most engaged and committed staff team to ensure that our core principle of outstanding care is never compromised.”
James Giles, Investment Director at Elevation said: “We carefully select operating partners who have an excellent record in care and we are excited to begin a new partnership with Connaught, adding this high-calibre care home into the portfolio as we continue deployment in EHP. This is the 22nd asset addition by EHP this year, bringing the portfolio to a total of 45 U.K. elderly care home assets with over 3,000 beds and a strong pipeline of further acquisitions and pre-let forward funded transactions. Henbrook House has strong environmental credentials in line with EHP’s ESG strategy and we are delighted to fulfil the market need for care homes which are built for longevity and benefit the lives of residents, staff, families and the local community.”
Elevation were advised by Bevan Brittan, Grant Thornton, Carterwood Analytics, Pinders and Envision. Connaught were advised by Freeths LLP.
At Connaught Care, we believe in providing more than just care; we offer compassion, dignity, and a true sense of home. As a premier provider of residential and dementia care services in the heart of England, we strive to exceed expectations in every aspect of our residents’ lives.
We understand that transitioning into a care environment can be challenging. That’s why we create environments that feel just like home. From cosy lounges and beautifully landscaped gardens to thoughtfully designed bedrooms, every aspect of our facilities has been crafted with the comfort and enjoyment of our residents in mind. We also recognise that selecting the right care provider is a significant decision with profound implications. That’s why we are dedicated to establishing a new standard of excellence within the care industry, ensuring that our level of service surpasses expectations in every aspect.
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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.