The development will provide 72 ensuite wetroom beds to the local community in Chesterfield (Derbyshire), an historic market and industrial town with a deep undersupply of high-quality care beds. The home, set to open in 2027, is prominently located and has been designed to a high specification to enhance the wellbeing of residents, relatives and staff. Amenities include a hair salon, sports lounge and family room.
The new development at Chesterfield will be a category leader in its market and has been designed to incorporate the latest environmental technology, omitting gas from its design to dramatically reduce carbon emissions in operation. The development will instead include air source heat pumps, solar panels and an all-electric design including in the laundry and kitchens to target an EPC A rating and a BREEAM In-Use rating of ‘Excellent’.
Torwood is a growing care operator with seven operating care homes and six further homes under construction and is led by an experienced management team in partnership with specialist contractor Torsion Care.
Martin Hutson, Director of Torwood said: “We are delighted to be progressing the Chesterfield scheme in partnership with Elevation, marking another important step in the continued growth of the Torwood platform. The development will deliver a 72-bed, purpose-built care home and reflects our focus on operating high-quality schemes in strong locations, underpinned by long-term partnerships and a clear focus on delivering high-quality care environments. We look forward to bringing the scheme forward and establishing a high-performing home that delivers positive outcomes for residents and the wider community.”
James Giles, Investment Director at Elevation said: “We are delighted to add another high-quality home into the portfolio of EHP as we continue deployment of the fund, and grow our valued partnership with Torwood. The care home will provide 75-80 jobs to the local community and will be built to exceed the latest environmental standards. Torwood’s strategy for progressing ESG and sustainability is strongly aligned with that of Elevation and our aspirations of operationally net zero assets, taking steps to reduce carbon emissions as much as possible through the integration of new technologies.”
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.
EHP, advised by Elevation Advisors LLP (“Elevation”), reported a 2025 year-end GAV of £857m and £940m including undrawn equity, adding a milestone 50th care home to its portfolio in Q4 2025. Following a subsequent completion in the early weeks of Q1 2026, the portfolio now comprises 51 care homes with 3,485 beds, tenanted with triple net leases to 14 top-tier national and regional operators.
James Giles, Investment Director at Elevation said: “We are excited to welcome a new investor to EHP, moving the fund into its next phase of growth. We are celebrating a significant achievement of growing the portfolio to over 50 assets, helping to address the structural undersupply of senior care accommodation in the UK. The continued deployment of institutional capital combined with a strong pipeline of new opportunities is testament to the alignment between EHP’s strategy and its investors and stakeholders.”
Of the current beds owned by the fund, 46% have been newly developed by EHP or undergone significant refurbishment to ensure high-quality environments that enhance the resident experience, and 92% of all beds have wet-room ensuites which provide the comfort of a private shower (compared to a market average of approximately 32%). All leases have annual escalators with floor and cap, and the Q4 WAULT is 31.5 years.
EHP partners with operators who have an excellent record in providing needs-based care services to the senior market and can evidence a strong connection to its communities. The modern, purpose-built portfolio is designed to meet evolving environmental standards and 100% of operational assets have achieved a BREEAM In-Use rating of ‘Good’ and ‘Excellent’. In addition, since July 2023, 100% of new or amended leases have included Elevation’s proprietary enhanced Green & Social Lease Clauses to drive community engagement and enhanced wellbeing.
Beyond the near-term deals in execution supported by this latest funding round, EHP has ambition to continue its expansion and has a strong pipeline to acquire or develop on a pre-let forward-fund basis new residential care homes with similar specifications.
Additional Investment and Real Estate Highlights for H2 2025:
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.
The development will provide 70 ensuite wet-room beds to the local community in Newport (Shropshire), a market town with a deep undersupply of quality care beds. The home is set to open in 2027 and will be embedded in the community, neighbouring a new residential and retirement living development. The home will be a category leader in its micro-market and has been designed to a high specification to enhance the wellbeing of residents, relatives and staff. Amenities include a hair salon, café, shop, physiotherapy room, and other dining, activity and lounge rooms.
EQ Care is a growing operator with five high-quality care homes, comprising 322 beds, and an active pipeline of development sites which are either ongoing or due to begin in the coming year. Dedicated to high-quality and compassionate care, EQ Care provides residential, nursing and dementia support in beautiful purpose-built environments, led by the latest technology.
The new development has been designed to incorporate environmentally sustainable technologies, omitting gas from its design in order to reduce carbon emissions in operation. The development will instead include air source heat pumps, solar panels, and an all-electric design including in the laundry and kitchens to target an EPC A rating and a BREEAM In-Use rating of ‘Excellent’. The development will also be certified using the Fitwel certification system, affirming the property’s positive contribution to occupants’ health and wellbeing. The home will also provide a social benefit to the local community providing circa 70 jobs, as well as active engagement with the community throughout development and operation.
Adam Faulkner, Founder of Zephyr X, said: “We are pleased to be partnering with Elevation and Zephyr on the delivery of this new home in Newport. This development forms part of Zephyr’s wider pipeline of care homes being brought forward through strategic joint ventures and forward funding arrangements, providing a strong platform for EQ Care’s continued expansion. With two of our first three homes achieving Outstanding ratings, our focus remains on delivering the highest standards for residents, families and our teams as we grow.”
Madison Kominski, Investment Associate at Elevation said: “We are excited to add a further high-quality home to the EHP portfolio and begin a new partnership with EQ Care. Our forward funding commitment supports their growth while further diversifying the fund through continued deployment. EQ Care is establishing a strong track record for its quality care provision, highlighted by its recent CQC ratings on its first homes to be rated, which is strongly aligned with Elevation’s focus on partnerships with leading operators.”
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.
The development will provide 80 ensuite wetroom beds to the local community in Felpham (West Sussex), an attractive coastal town with a dense population and a deep undersupply of quality care beds. The home, set to open in 2027, has been designed to a high specification to enhance the wellbeing of residents, relatives and staff. Amenities include a hair salon, café bistro and children’s games room.
Connaught is an award-winning operator of six high-quality prime care homes in the East and South East of England, comprising 444 beds, and an active pipeline of development sites. With a dedication to high-quality care, Connaught provides residential and residential dementia care in beautiful purpose-built environments.
The new development at Felpham will be a category leader in its market and has been designed to incorporate the latest environmental technology, omitting gas from its design to dramatically reduce carbon emissions in operation. The development will instead include air source heat pumps, solar panels and an all-electric design including in the laundry and kitchens to target an EPC A rating, BREEAM Construction rating of ‘Very Good’ and a BREEAM In-Use rating of ‘Excellent’.
James Giles, Investment Director at Elevation said: “We are excited to celebrate adding our 50th high-quality home into the portfolio of EHP, and to continue our growing partnership with Connaught as we continue deployment of the fund. The care home will provide 60-80 jobs to the local community and will be built to exceed the latest environmental standards. Connaught’s strategy for progressing ESG and sustainability is strongly aligned with that of Elevation and we are delighted to fulfil the local market need for care homes which are built for longevity to benefit the lives of residents, staff, families and 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.
The senior debt facility provides an investment term loan to finance the acquisition of Lindridge Care Home in Brighton & Hove as well as release equity to the wider group. The senior debt facility also provides a further tranche to finance the development and construction of two new homes by Anavo. The loan is secured on the trading care home with 89 ensuite beds, currently rated EPC B, and providing a quality environment to residents both internally and through the ample outside space. Anavo is committed to integrating the local community into the home, including a comprehensive schedule of activities offered to residents.
ECP III provides high-quality operators and developers of UK senior housing real estate with a range of customised financing options including investment term loans, development loans, mezzanine loans and preferred equity. Anavo is a growing operator with an excellent track record in care quality, and currently operates 15 care homes across the UK, with a further pipeline of homes under development.
Jamie Braganza, Partner at Anavo said: “Completing the purchase of Lindridge Care Home is an important milestone for our business. After taking on the lease in May 2024, we focused on improving both the care operations and the built environment which delivered a successful turnaround of the home. Elevation have understood our aspirations as a business and helped structure a financing package that supports the sustainable growth of Anavo into the future. This transaction creates a platform for us to further invest in our own developments, and we’re excited to deploy this capital across a strong and growing pipeline of opportunities.”
Zach Smith, Investment Director at Elevation said: “We are excited to announce this latest transaction as we continue to deploy ECP III and to grow our partnership with Anavo, expanding into credit alongside the existing strong relationship with our specialist private open-ended healthcare REIT. The goal of ECP III is to provide tailored financing to best-in-class operators and developers, and as such we were delighted to provide a bespoke funding package for Anavo to cover both acquisition and contribution to future group expansion through development. Anavo’s environmental strategy mirrors our own and we are impressed by their leading care quality and community engagement programmes. With funding solutions that help developers and operators rapidly scale their business plans, we continue to support the delivery of vital purpose-built senior housing and high-quality care, while enabling investors to access this attractive sector at scale.”
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.
The senior debt facility provides investment term loans to refinance development lending and provide working capital for three newly constructed care homes in Bexhill, Halling, and Yeovil operated by Oyster Care Homes. The homes, comprising 198 wetroom en-suite beds, are built to the latest environmental standards and have an EPC A-rating and BREEAM In-Use ratings of ‘Excellent’. The specification has an all-electric design with solar PV and ground source heat-pumps providing sustainable heating and cooling to the homes.
Oyster Care Homes are a leading operator with excellent care quality, and currently operate 7 care homes in locations across the south of England, with a further pipeline of homes under development by LNT. LNT is a leading UK care home developer with 30+ years’ experience, over 250 sites developed and has a focus on developing standardised real estate that exceeds the latest environmental standards.
Zach Smith, Investment Director at Elevation said: “We are excited to announce this first transaction for our new credit fund focused on offering flexibility and increased choice to best-in-class borrowers. We are delighted to expand our partnership with LNT by providing funding to support its portfolio of next generation real estate with excellent environmental credentials and to begin a partnership with Oyster Care Homes with their excellent management and home staff teams, leading care quality and community engagement. By offering financing that enables high-quality developers and operators to ramp up their business plans, we can support the essential provision of purpose-built senior accommodation and delivery of high-quality care, while giving investors access in scale to this compelling sector.”
About Oyster Care Homes
Oyster Care Homes is a provider of exceptional care services, dedicated to offering care and support that focuses on resident well-being and quality of life.
About LNT Care Developments
LNT delivers market-leading, standardised design homes across the UK through a vertically integrated business model. LNT homes are precision built, quality engineered facilities designed to enable the best care for the resident.
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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.
ECP III’s strategy is to provide high-quality operators and developers of U.K. senior housing real estate with a range of customised loan financing options including investment term loans, development loans, mezzanine loans and preferred equity. Loans will be sized between £10m and £100m, with LTV of up to 80% and development LTC of up to 85%, over a term of 2 to 5 years and will be used to support acquisitions, developments, lease-up, refinancing and recapitalisation.
The successful capital raise – Elevation’s third private credit vehicle – builds on Elevation’s intimate familiarity with the U.K. senior housing sector, Elevation’s single focus on the healthcare real estate market and Elevation’s proven track record managing private credit.
ECP III will focus on the delivery of positive outcomes in the senior housing market and combine both high-quality sustainability performance with the delivery of positive social outcomes within the sector. Through targeted deployment utilising Elevation’s robust due diligence process and frameworks, ECP III will seek to benefit service users, employees and local communities.
Zach Smith, Investment Director at Elevation said: “Following the successful deployment of two previous senior housing private credit funds, we are delighted to raise capital that will further increase the supply of much-needed senior housing and elderly care beds, and provide sustainable, tailored funding solutions to high-quality operators in the U.K.. We are committed to supporting this critical sector and the increased debt financing capability offered by ECP III will provide top-tier borrowers with greater flexibility and increased choice to accelerate their business growth and support their existing portfolios. With the chronic undersupply of elderly care beds and senior housing in the U.K. and increasing demand from long-term demographic trends, we are delighted to give investors access to this underserved market and provide vital capital to support positive social outcomes across the U.K..”
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.
Transactions & Developments: During H1 2025, EHP added a new home to the portfolio and construction progressed on 7 additional development sites. Key activities include:
ESG: EHP has a robust and comprehensive ESG strategy in place to deliver targeted environmental sustainability and positive social outcomes. Initiatives delivered during H1 2025 include:
James Giles, Investment Director at Elevation said: “EHP seeks to address the structural undersupply of elderly care beds in the U.K. and delivers modern, high-quality care communities, designed to meet increasing environmental standards. We are delighted to announce an additional home to the portfolio and provide an update on the progress of our eight current developments which will collectively increase the UK care home bed supply by c.542 beds. This progress demonstrates the stable and resilient growth of EHP and its successful alignment with the needs of investors and stakeholders. We are delighted with the continued success of EHP and look forward to realising our 2025 ambitions in the second half of the year.”
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.
The portfolio of assets, advised by Elevation for the past five years, was previously leased to Four Seasons Health Care (“FSHC”). Elevation was engaged by LDC’s investors in 2020 to advise on the transition of the operating assets from FSHC to six replacement operators on new 35-year FRI leases with institutional terms. Elevation has overseen the investment through to this successful sale.
Achievements for the investment include: the modernisation of leases including full reporting obligations, enhanced downside protections and green lease provisions; the raising of debt financing on the portfolio (which was previously unlevered) from a high street bank; and the investment of approximately £6m of capex including targeted ESG enhancements, asset modernisation & repositioning including increased bed capacity.
Eamonn Meadows, Investment Director at Elevation said: “Fulfilling the market need for high quality care home beds in sustainable real estate squarely aligns with Elevation’s ESG strategy. We are very proud of the progression we have made in modernising the LDC portfolio and making a difference to the environmental performance of the homes. We would like to thank the operators and their staff for their partnership, and will particularly remember their extraordinary efforts to keep residents safe during the coronavirus pandemic at the very start of our relationship. The realisation of this investment for our investors is a great vote of confidence in the UK care home sector and reinforces the positive social outcomes that can benefit an investment strategy.”
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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.
EDP has developed six new purpose-built high-quality care homes in total, in partnership with CCG, one of the industry’s most highly regarded developer-operators. The sale of three of these care homes in Matlock, Bideford & Newton Mearns, follows the announcement of the sale of Valerian Court Care Home in Didcot in January 2023 (link).
CCG continues to operate all the care homes developed by EDP which offer 24-hour comprehensive care with facilities including cinemas, hairdressers, sensory gardens and large social spaces for the enjoyment of residents, staff and their local communities.
Yoad Hariely, Investment Associate at Elevation said: “We are delighted to see the realisation of these projects in our investment joint venture, which is providing modern, high-quality care environments to undersupplied markets. This innovative investment partnering allows operators to incubate freehold developments on their balance sheet and retain development upside, while reducing their equity requirements, enabling efficient scaling of multiple developments at once. The sale of these care homes shows confidence in the UK healthcare real estate market and the value of quality accommodation for investors, as well as for residents, staff and the local community.”
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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.
The development will provide 66 ensuite wet-room beds to the local community in Otley (Yorkshire), an attractive market town on the outskirts of Leeds, with a large catchment area and an undersupply of quality care beds. The home, set to open in late 2026, has been designed to a high specification to enhance the wellbeing of residents, relatives and staff, and amenities include hairdressers, café / bistro and a family games room.
Torwood is a leading care operator with four operating care homes and more than five developments under construction, and led by an experienced management team in partnership with specialist contractor Torsion. The new development at Otley has been designed to incorporate best-in class environmental technology, eradicating gas from its design to dramatically reduce carbon emissions in operation. The development will include air source heat pumps, solar panels and an all-electric design in the laundry and kitchens to target an EPC A rating, BREEAM Construction rating of ‘Excellent’ and a BREEAM In-Use rating of ‘Excellent’.
Martin Hutson, Director of Torwood said: “We are delighted to have agreed the forward fund on the 66-bed care home in Otley with the team at Elevation. The scheme will further strengthen our existing care home portfolio and provide much needed high-quality care for local people. All the Torwood portfolio consists of EPC A and BREEAM excellent-rated homes, which provide high levels of sustainability and carbon reduction. This aligns strongly with our fund partners’ strategy and we will continue to innovate the development of our homes to deliver some of the most modern and carbon efficient care homes in the sector. Our thanks to the Elevation team for their continued support of our business.”
James Giles, Investment Director at Elevation said: “We are thrilled to continue our partnership with Torwood by adding this high-quality home into the portfolio, as we continue deployment of EHP. The care home will provide 60-80 jobs to the local community and will be built to exceed the latest environmental standards to serve the needs of the local area. Torwood’s strategy for progressing ESG and sustainability is strongly aligned with that of Elevation and our aspirations of operationally net zero assets, taking steps to reduce carbon emissions as much as possible through the integration of new technologies.”
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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.
This follows from our last update for EHP in June 2024 for the first half of the year (link).
Capital Raising: EHP raised £257m of equity and £74m debt capital during 2024. Transactions in H2 include:
Transactions: During 2024, EHP closed transactions amounting to £355m (of which £94m closed in H2). During H2 2024, EHP added three new operator relationships to the portfolio (13 operators in total). Transactions include:
ESG: EHP has a robust and comprehensive ESG strategy in place to deliver targeted environmental sustainability and positive social outcomes. Initiatives delivered during 2024 include:
James Giles, Investment Director at Elevation said: “EHP seeks to address the structural undersupply of elderly care beds in the U.K. and delivers modern, high-quality care communities, designed to meet increasing environmental standards. We are excited to confirm these latest transactions which demonstrate the stable and resilient growth of EHP and its successful alignment with the needs of investors and stakeholders. We are delighted with the growth and achievements of EHP in 2024 and look forward to working towards our 2025 ambitions.”
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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.
Yorkare are a highly-regarded, family-owned, regional operator and developer with twelve care homes in operation, which they have developed to an exceptional standard with award-winning designs. Yorkare have a strong reputation as an operator and 100% of their operating homes are CQC rated as ‘Good’ or ‘Outstanding’.
These latest purpose-built care homes, comprising 190 beds in total, have been designed with a high-standard all-wetroom specification and incorporate some of the latest sustainable design and technology features including solar panels and high-efficiency equipment for heating, hot water and water fixtures. These design features aim to help target an EPC ‘A’ rating for each of the assets and once completed, the homes will be certified under ‘BREEAM In-Use’ and are expected to achieve an ‘Excellent’ rating. The homes will also deliver a positive social contribution by reducing the level of undersupply of quality care beds in their local communities as well as providing approximately 70 employment opportunities per home.
Laurence Garton, Development Director at Yorkare said: “We are delighted to be working with Elevation again as we continue to expand our portfolio of award-winning care homes. Our commitment to excellence in care has put us in the top 2% of care home providers in the UK in terms of Outstanding CQC ratings, and these three new sites will enable us to expand our provision of high standard care environments for our residents, staff, and local communities. We look forward to working with Elevation as we continue to expand our operational footprint.”
James Giles, Investment Director at Elevation said: “We are delighted to continue our partnership with Yorkare who are an outstanding operator, with high-quality assets and exceptional care credentials. This transaction is testament to the successful alignment of EHP with its stakeholders, fulfilling the market need for high-quality elderly care facilities that make a positive contribution to their communities. We are excited to support Yorkare in the next phase of their growth and are delighted to welcome them to the EHP portfolio.”
Rory Addison, Senior Surveyor at Knight Frank said: “Knight Frank were delighted to assist on this forward fund transaction of three future-proof luxury care homes leased to Yorkare, whose developments continue to be top of the range.”
Yorkare Homes is an award winning care home provider based in East Yorkshire. As a family owned company, with over 30 years’ experience operating care homes, we aim to provide the highest quality care in luxury environments. This is reflected by our numerous Outstanding ratings from CQC and the 5 Best New Care Home in the UK awards we received at the prestigious Pinders Healthcare Design Awards in London.
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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.
The care home has a large catchment with an undersupply of quality care beds. The attractive purpose-built home has been designed to a high specification to enhance the wellbeing of residents, relatives and staff, and has wet-room ensuites throughout and large communal spaces and gardens. The home provides residential, nursing, respite and specialist dementia care.
The home has been designed to a high specification and has achieved an EPC B-rating, and it is anticipated that the home will shortly achieve a BREEAM In-Use rating of ‘Very Good’. To further improve the environmental performance in line with EHP’s ESG strategy, solar panels will be installed to allow on-site electricity generation at the home in the near-term.
James Giles, Investment Director at Elevation said: “We are delighted to add this care home built for longevity to the portfolio as we continue the deployment of EHP, and fulfil the market need for high-quality elderly care beds. The home is operated by a team committed to providing excellent facilities and serving the needs of the local community, and we look forward to supporting their continued success.”
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.
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.
The £53 million development facility provides funding for three new 100% wet-room, high-quality schemes. The first site, referenced in the press release dated 20 December 2023 (here), is a best-in-class care home in Great Wyrley (South Staffordshire) with 90 beds and 32 co-located retirement living apartments. Construction is underway and the home is due to open in early 2025, with the apartments due to complete in 2024.
The Credit Fund has now allocated the balance of the facility for the next two assets in Brownhills and Shirley in the West Midlands, with 90 and 72 ensuite wet-room beds respectively. Construction is due to commence on both sites in November 2024.
MACC is a well-regarded regional operator that has grown rapidly, opening 9 homes in the last 6 years. The MACC portfolio comprises over 980 predominantly ensuite wet-room beds in 14 operating homes across the Midlands, with high-specification builds situated in prominent locations. This development financing builds on the £125 million of senior and junior loans arranged and provided by the Credit Fund in Q2 2023, continuing Elevation’s strong partnership with MACC and commitment to continue supporting the sustainable growth of the business.
The three developments are targeting both an EPC rating of A and a ‘Very Good’ BREEAM Construction rating. The completed projects will benefit from a number of sustainability features including air source heat pumps and solar panels to help deliver efficient assets built for the future. The assets will encourage sustainable travel options through the inclusion of EV charging points and covered cycle storage, in addition to their proximity to local public transport links. The three developments incorporate increased levels of biodiversity through the provision of ample green space and ecology planning. All of the homes in MACC’s portfolio hold an EPC rating of A or B, which aligns with Elevation’s strategy of transitioning all homes to perform at the highest standards which the new developments will also meet or exceed.
Andrea Auteri, Managing Partner at Elevation said: “We are excited to expand our partnership with MACC by providing funding to continue its trajectory in developing next generation real estate, as we continue the deployment of the Credit Fund. The senior housing sector is severely undersupplied; its granularity, fragmentation and high barriers to entry mean that it is hard to access the sector in scale. Elevation is pleased to accelerate the provision of purpose-built accommodation by offering innovative financing that enables high-quality operators to ramp up their business plans and gives large investors access in scale to the sector.”
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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.
Signature Senior Lifestyle is highly regarded as a best-in-class developer and operator of 10 award-winning senior care communities in and around Greater London, totalling 878 high-quality apartments and large studios with elegant, nurturing environments for residents, staff and communities.
Strategically located in the high-demand areas of Enfield, Surbiton and Hornchurch, the three new purpose-built sites will add circa 90 beds to their respective markets (total 270 beds) and each will provide circa 110 new jobs to the local community. The all-wetroom high-quality assets are built with longevity in mind and will mirror the exceptional standard of Signature’s existing homes.
The new developments are now underway and are due to open to residents in 2026. The homes contribute positively to the Signature’s ESG strategy and are targeting an EPC rating of A and a BREEAM New Construction rating of Very Good, evidencing high-quality specification, design and build processes. Solar panels will be installed on all sites to their maximum capacity to deliver onsite energy generation and will meet the latest regulations in terms of fire safety sprinkler systems. The sites will also benefit from air source heat pumps for space heating and hot water supply, energy and water efficiency technology, and large green and outdoor spaces to enhance biodiversity and the wellbeing of residents, staff and visitors.
Kay Cox, Chief Executive Office, Signature Senior Lifestyle commented: “The Signature brand is synonymous with exceptional later living lifestyle and care, and we were so proud when our most recent home, Signature at Highgate, was named Knight Frank’s Luxury Care Home of the Year. We will be building on this expertise to ensure our three new homes go even further in delivering the later living lifestyle dreams of older people in Enfield, Surbiton, and Hornchurch, and to set new standards for elegance, comfort, and service. Like our existing homes, all three will continue to champion safety, transparency and accountability through our ongoing investment in safety monitoring technology, and how we use this technology to drive personalised care and mentoring for residents and colleagues. We are hugely grateful for the ongoing support of Elevation and our partners at Natwest and Virgin Money, and we look forward to welcoming new residents and colleagues to these homes in 2026.”
Craig Ambler, Senior Director, Virgin Money said: “We are absolutely thrilled to continue to our relationship with Signature and Elevation by funding the development of two new care homes. All Signature homes combine fantastic care and hospitality with exceptional settings. We look forward to seeing these homes open in 2026 creating more local jobs and further addressing the care provision shortfall.”
Ashleigh Dorrington-Harvey, Director, Healthcare & Life Sciences at NatWest commented: “NatWest continues to be dedicated to the healthcare sector, including supporting leading operators in the elderly care space such as Signature. We are delighted to have supported their latest purpose-built, 92- bed care home development in Enfield with a development facility”.
Simon Webster, Partner at Elevation said: “We are delighted to continue our partnership with Signature, Virgin Money and NatWest and support the next phase of their growth. These new sites, in sought-after locations around London, will fulfil the market need for modern assets that make a positive contribution to their communities. Furthermore, a strategy to implement identified opportunities that further improve the environmental sustainability of Signature’s current operating homes is being rolled out across the already high-performing portfolio.”
About Signature Senior Lifestyle
Signature Senior Lifestyle offers luxury assisted living, nursing, respite and dementia care in locations across London and the home counties. Each of Signature’s luxury care homes is unique and has its own sense of community. All of Signature Senior Lifestyle’s ten operational homes offer award-winning care, luxurious surroundings and top-quality dining and nutrition. They are beautifully designed with excellent facilities, from state-of-the-art dementia care floors to cinemas, hair salons and restaurants, with attention paid to every detail.
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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.
The development is a 78-bed care home in Havant (Hampshire), an attractive coastal town with a large catchment area and an undersupply of quality care beds. The home, set to open in late 2026, has been designed to a high specification to enhance the wellbeing of residents, relatives and staff, will have wet-room ensuites throughout and amenities including a community accessible ‘Anavo Club’ space, café/bistro and family games room.
Anavo, established in 2019, are a rapidly growing care home developer and operator with 14 operating care homes across Scotland and England. With a focus on high quality, collaborative care accessible to all, Anavo provide residential, nursing, specialist dementia and short-stay care.
The Havant home has been designed to a high specification with an emphasis placed on environmental performance. The developments will achieve an EPC A-rating focussing on the eradication of fossil fuels to also deliver operational carbon reductions with an all-electric power supply comprising air source heat pumps and the inclusion of photovoltaic solar panels and EV car chargers. It is anticipated that the home will achieve a BREEAM New Construction rating of ‘Excellent’ and a BREEAM In-Use rating of ‘Excellent’ on completion and will meet the latest regulations in terms of fire safety sprinkler systems. Furthermore, the site proposes significate biodiversity net gain through delivery of a high level of green and outdoor space including the retention of trees on three borders to preserve natural habitats and provide natural shading.
Edward Moore, Director at Anavo said: “This is a very exciting project for Anavo and one that delivers on our ambition to deliver best in class care accommodation with a commitment to sustainability and local community integration. It’s a pleasure to be partnering with the team at Elevation and we look forward to growing our operational footprint with them.”
James Giles, Investment Director at Elevation said: “We are delighted to begin our partnership with Anavo, adding this top specification care home into the portfolio as we continue deployment in EHP. 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 welcome Anavo into the EHP portfolio and fulfil the market need for care homes which are built for longevity and make a positive impact on their wider communities.”
Established in 2019 by Edward Moore, Jamie Braganza and Tom Brookes, Anavo is a care operator and developer with 14 homes across the UK, providing residential, nursing, day care and dementia specialist support. For more information please visit https://www.anavogroup.com.
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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.
Oakland is a leading care operator in the South East of England with ten operating care homes across London and the South East, comprising 732 beds. Oakland Care is a highly-respected operator with an ambitious ESG strategy, having achieved Greenmark accreditation and becoming the first UK care group to be certified as carbon neutral by the Carbon Neutral Trust across its entire portfolio.
Aligned with this strategy, an emphasis has been placed on the environmental performance of the new homes. The designs have focused on the eradication of fossil fuels to deliver carbon reductions with an all-electric power supply, air source heat pumps and photovoltaic solar panels. It is anticipated that the homes will achieve BREEAM In-Use ratings of ‘Excellent’ on completion. Furthermore, the homes will each create circa 80-100 jobs for their local communities.
Joanne Balmer, Chief Executive Officer at Oakland said: “The acquisition of sites in Harpenden and Bracknell marks a further step forward in achieving our growth ambitions to provide exceptional care to people living in these communities. Through investment in renewable technologies, the impact of these homes to the environment is minmised and they will represent the design of the future for Oakland to achieve net zero. We are delighted to add these homes to our award winning portfolio and are looking forward to their opening in 2026.”
Eamonn Meadows, Investment Director at Elevation said: “We are delighted to continue our partnership with the award-winning Oakland with the development financing of these two homes, following the development of four care homes together since 2021. Oakland’s strategy for progressing ESG and sustainability is strongly aligned with that of Elevation and our aspirations of operationally net zero assets. These two homes in Bracknell and Harpenden will fulfil the market need for care homes which are built for longevity and make a positive contribution to their wider communities.”
Oakland Care has a track record in developing and operating market-leading elderly care homes in London and the South East. Their high-end care homes offer luxurious, comfortable living that promotes individuality. Oakland focusses on delivering the highest standards of care in a five-star environment along with fulfilling activities programmes to offer exceptional resident experiences.
Oakland Care have been recognised as one of the Top 20 Mid-Size Care Home Groups in 2024 by carehome.co.uk and named ‘Residential Care Provider of the Year’ (Small Group) in the Health Investor 2023 Awards and additionally, Investors in People ‘UK Employer of the Year 2023’ for Gold standard companies with more than 250 employees.
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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.
PGIM Real Estate is the US$210 billion real estate investment business of PGIM and the third-largest real estate firm globally. Elevation is a specialist investment manager in the European healthcare real estate sector with approximately £2 billion of assets under management.
Nabil Mabed, senior portfolio manager of European value-add strategy at PGIM Real Estate, comments: “This is a landmark deal for the UK senior living sector and a hugely attractive growth opportunity for us, which strengthens our European value-add portfolio. Working with Elevation, we are confident we can add value to Signature on behalf of our investors. Being one of the largest real estate investors globally, we are seeing real estate markets stabilise, and we maintain our conviction in the UK following the reset in valuations over the last two years.”
The Signature portfolio consists of 13 senior living communities, comprising 10 operating properties and three consented development projects in and around Greater London. Signature’s established management team will continue to operate the homes with a focus on continuity and brand growth.
As a priority, Signature will focus on ensuring all assets are future-proofed through the integration of the latest technologies and standards, with the portfolio currently achieving or targeting a BREEAM New Construction rating of ‘Excellent’ or ‘Very Good’. A strategy to implement identified opportunities to further improve the environmental sustainability of the operating homes has been identified and will be rolled out across the already high-performing portfolio.
Simon Webster, partner at Elevation, said: “We carefully select operating partners who are proven to create best-in-class 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 Signature, who are recognized as one of the premier senior living brands in the UK, and are looking forward to growing the brand. Plans are underway to start construction on three new developments in the Greater London area later this year. We are also excited to expand our partnership with PGIM Real Estate and draw from their wealth of institutional and sector expertise to grow the Signature footprint.”
Kay Cox, CEO of Signature, said: “PGIM Real Estate and Elevation have a proven track record of supporting operators in the senior living sector. This investment is a natural next step in our lifecycle, together with the expertise to help us achieve our ambitions and enhance our brand as a market-leading senior living provider. With our amazing team and best-in-class assets combined with a strong development pipeline, we are well placed for the next stage in our growth. We are incredibly excited about what we can achieve together in the years ahead.”
ENDS
About Elevation
Elevation is a specialist investment manager in the European healthcare real estate sector with approximately £2 billion of assets under management in four countries (UK, France, Germany and Spain), with more than 160 assets spanning care homes, rehabilitation clinics, and specialist assets for learning disabilities and mental health.
About PGIM Real Estate
With US$210 billion in gross assets under management and administration (US$134 billion net), PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing, and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (PFI). PFI has a history that dates back over 145 years and through more than 30 market cycles. With 41 offices in 19 different countries (as of 31 March 2024), our more than 1,450 investment professionals are located in key financial centres around the world.
Our firm comprises multi-managers that collaborate with each other and specialise in a particular asset class with a focussed investment approach. This gives our clients diversified solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. As a leading global asset manager with US$1.34 trillion in assets under management (as of 31 March 2024), PGIM is built on a foundation of strength, stability and disciplined risk management. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.
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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.
Capital Raising: EHP has raised £348m of equity and debt capital since the beginning of 2024:
Transactions:
James Giles, Investment Director at Elevation said: “We are excited to announce these transactions, demonstrating the stable and resilient growth of our well-established EHP vehicle. EHP seeks to address the structural undersupply of high-quality elderly care beds in the U.K. to deliver positive social impact through the provision of modern, high-quality care environments. These facilities are a vital part of the healthcare infrastructure fabric of the country and are designed to meet increasing environmental standards. These transactions are testament to the successful alignment of Elevation with its investors and stakeholders, supporting both sustainable returns and the provision of high-quality elderly care. Focused on the long-term, we are committed to delivering strong outcomes for our communities and are working towards completing our 2024 ambitions.”
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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.
The operating care home, Abbey Wood Lodge in Ormskirk, is built to best-in-class standards with full en-suite wetroom provision and has strong environmental performance with an EPC A Rating. In line with EHP’s existing strategy, the property is let to Torwood on a long-term lease with RPI-linked escalator with cap and collar.
Torwood is a leading care operator with two operating care homes and more than five developments under construction, led by experienced management team in partnership with specialist contractor Torsion. The new development at Huddersfield has been designed to incorporate best-in class environmental technology, eradicating gas from its design to dramatically reduce carbon emissions. The development is working to achieve a biodiversity net gain in excess of 10% on the site and targeting an EPC A rating.
Martin Hutson, Director of Torwood said: “We are delighted to have agreed the lease on the operational 60-bed care home at Ormskirk and the forward fund on the 61-bed care home at Huddersfield with the team at Elevation. These two schemes will further strengthen our existing care home portfolio and provide much needed high-quality care for local people. All the Torwood portfolio consists of EPC A and BREEAM excellent-rated homes, which provide high levels of sustainability and carbon reduction. This aligns strongly with our fund partners’ strategy and we will continue to innovate the development of our homes to deliver some of the most modern and carbon efficient care homes in the sector. Our thanks to the Elevation team for all their support, advice and assistance in supporting our business.”
James Giles, Investment Director at Elevation said: “We are thrilled to begin our partnership with Torwood by adding two homes into the portfolio, as we continue deployment of EHP. Abbey Lodge Care Home will be operated by a team who are committed to high-quality care and engaging with their community; the new care home in Huddersfield will be built to exceed the latest environmental standards and serve the needs of the local area. Torwood’s strategy for progressing ESG and sustainability is strongly aligned with that of Elevation and our aspirations of operationally net zero assets, taking steps to reduce carbon emissions as much as possible through the integration of alternative technologies. We are thrilled to support their business growth.”
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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.
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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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.
The £53 million development facility will facilitate construction of three new sites, starting with a modern, best-in-class care home in Great Wyrley (South Staffordshire) and 32 co-located retirement living apartments with high-quality shared amenities. The development is targeting both an EPC rating of A and a ‘Very Good’ BREEAM Construction rating. The completed project will benefit from a number of sustainability features including air source heat pumps and solar panels to help deliver an efficient, future-proofed asset.
The additional financing will allow MACC to continue its trajectory in developing next generation, future-proofed real estate while maintaining its excellent standards in 24-hour comprehensive care. All of the homes in MACC’s portfolio hold an EPC rating of A or B, which aligns with Elevation’s strategy of transitioning all homes to perform at the highest standards which the new developments will also meet or exceed. The first new development of a market-leading care home with integrated retirement living units, will also deliver a positive societal impact by reducing the level of undersupply of quality care beds and purpose-built accommodation in its community.
Andrea Auteri, Managing Partner at Elevation said: “We are excited to continue our partnership with MACC by providing funding to grow the portfolio with three additional high-quality care schemes, as we continue the deployment of our Credit Fund with a leading institutional real estate investor. The senior housing sector is severely underserved; its granularity, fragmentation and high barriers to entry mean that it is hard to access the sector in scale. Elevation is pleased to accelerate the provision of fit-for-purpose accommodations by offering innovative financing to enable high quality operators to ramp up their business plans and giving large investors access in scale to the sector. Fulfilling the market need for future proof assets squarely aligns with Elevation’s ambitious ESG strategy.”
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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.
The home is built to best-in-class standards with full en-suite wetroom provision and strong environmental credentials and has undergone a full refurbishment programme before reopening in Q3 2023. The state-of-the-art care home property, which will reestablish 60-80 jobs for the local community, will be let to the operator on a long-term lease with RPI-linked escalator with cap and collar.
Reopening the home, which has been closed since 2022, will release 70 quality care beds back to the local market reducing the level of undersupply in the area, in addition to the provision of jobs for the local community. The state-of-the-art care home currently holds an EPC B rating and, following the planned refurbishment, has the potential to achieve a BREEAM in Use rating of Excellent, aligned with EHP’s sustainability strategy.
James Giles, Investment Director at Elevation said: “We are pleased that the acquisition of the care home will return 70 ensuite wetrooms back to the market and will be operated by a team who are delivering first-class care to their local community. The operator’s strategy for progressing ESG and sustainability is strongly aligned with that of Elevation and it has been great to work collaboratively to drive improvements.”
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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.
Simultaneously, the Credit Fund has completed its first transaction, extending senior and junior loans in aggregate amount of £124.7 million to prime elderly care operator MACC Care Group (“MACC”) to help MACC refinance existing indebtedness and accelerate growth of the business.
The MACC portfolio comprises over 900 predominantly en-suite wetroom beds in 13 homes across the Midlands, with high-specification builds situated in prominent locations. MACC has also developed market-leading integrated retirement living units at its latest sites, which have been developed with green travel in mind with options for electric charging points at each apartment. MACC has undergone a period of very strong growth, opening 8 homes in the last 5 years, and this financing will allow MACC to continue its trajectory in developing next generation, future-proofed real estate while maintaining its excellent standards in 24-hour comprehensive care.
All of the homes in the portfolio hold an EPC rating of A or B, which aligns with Elevation’s strategy of transitioning all homes to perform at the highest standards. MACC are committed to working collaboratively to monitor the performance of the homes to drive further change and integrate the latest environmental technologies where appropriate. In addition, the homes have a positive societal impact, delivering a high number of quality care beds reducing the level of undersupply in these areas.
Naz Nathani, CEO of MACC Group said: “It was a real pleasure dealing with very knowledgeable and focused team during the refinance. MACC was well supported and listened to and the final shape of the deal was innovative and bespoke, meeting our immediate needs but with a clear and visible pathway for the planned growth. We are confident of the significant value this will create for MACC and thanks to Elevation in achieving this with us. We are looking forward to the next few years of growth and partnership.”
Andrea Auteri, Managing Partner at Elevation said: “We are excited to begin our partnership with MACC by adding 13 modern, high-quality homes to the portfolio, as we seed and grow our Credit Fund. The senior housing sector is severely underserved; its granularity, fragmentation and high barriers to entry mean that it is hard to access the sector in scale. Elevation is pleased to accelerate the provision of fit-for-purpose accommodations by offering innovative financing to enable high quality operators to ramp up their business plans and giving large investors access in scale to the sector. Fulfilling the market need for future proof assets squarely aligns with Elevation’s ESG strategy.”
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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.
Valerian Court Care Home comprises 70 en-suite wetroom bedrooms and is located on a highly visible site on a gateway road close to Didcot (Oxfordshire) town centre and railway station. The care home development, which opened in December 2022, offers 24-hour comprehensive care in a next generation future-proofed real estate environment with facilities including cinema, hairdressers and rooftop garden. The home has been developed with green travel in mind incorporating EV charging points and cycle storage.
The care home development was built as part of the joint venture partnership between Elevation, PGIM Real Estate and CCG. PGIM Real Estate partnered with Elevation to source and structure investments with quality developer-operators, and to provide ongoing asset and development management services.
Elevation and PGIM Real Estate have so far committed to six new purpose-built state-of-the-art care homes, in partnership with CCG, one of the industry’s most highly-regarded developer-operators. Valerian Court in Didcot is the first of these developments to open its doors with the others to follow over the coming year. Following the sale by Elevation and PGIM Real Estate, CCG will continue operating the asset in partnership with the European asset manager.
“During this challenging time, the importance of high-quality senior housing has never been more apparent. Long-term demographic trends in the U.K. are strongly favourable, with increasing demand from a rapidly-ageing population. We are delighted to have successfully completed this development and sale alongside Elevation and CCG.”
—Charles Crowe, Head of UK Transactions at PGIM Real Estate
Andrea Auteri, Managing Partner at Elevation said “We are thrilled to see the realisation of our first project in our investment joint venture with PGIM Real Estate and CCG, which is providing modern, high-quality care environments to an undersupplied market. This innovative investment partnering product allows operators to incubate freehold developments on their balance sheet to retain development upside while reducing their equity requirements, enabling efficient scaling of multiple developments at once. The sale of this first care home is a vote of confidence in the UK healthcare real estate market and shows the value in quality accommodation for investors, as well as residents, staff and the local community. We are looking forward to the continued success and impact of this joint venture.”
About Elevation
Elevation is a specialist investment manager in the European healthcare real estate sector with over £1.2bn of assets under management in four countries (U.K., France, Germany and Spain) spanning care homes, rehabilitation clinics and specialist assets for learning disabilities and mental health.
About PGIM REAL ESTATE
With $204.4 billion in gross assets under management and administration ($132.9 billion net),1 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of Sept. 30, 2022; Net AUM is $132.9 billion; AUA is $46.6 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
About Care Concern Group
Care Concern Group (CCG) is a top 20 U.K. care home operator with in-house development capabilities. CCG started in 1991 and has grown through acquisitions and developments into a national operator. CCG has presence across the U.K. and aims to grow its presence through further developments and acquisitions. In the last 10 years, CCG has been focusing its target on the mass-affluence market, by offering a modern purpose-built luxury care setting on an all-inclusive price basis. Each care home is individually branded, with strong emphasis on the family-owned nature of the operations.
EHP owns 26 care home properties providing over 1,800 beds tenanted to six best-in-class operating partners. EHP’s modern, purpose-built healthcare properties provide high-quality needs-based services to a predominantly private-pay clientele. Approximately 90% of the assets (by GAV) include the latest standard of ensuite wetroom facilities, compared to the U.K. market average of approximately 25%.
EHP intends to deploy the capital raised to acquire and develop on a pre-let forward fund basis new properties with similar specifications. Beyond the near-term pipeline supported by this funding round, on the back of the depth of the market opportunity and investor appetite, Elevation has ambition to continue expanding the vehicle.
In line with EHP’s existing strategy, the properties will be let on inflation-linked, long-term leases to top-tier national and regional operators. Elevation carefully selects operating partners who are proven to create best-in-class senior-living environments, have an excellent record in care and can evidence a positive impact on their respective local communities. EHP has a robust ESG strategy in place covering its investment, construction and property management pillars 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. EHP is working closely with its operating partners to implement this strategy and 100% of the assets that have been assessed against “BREEAM in Use” standards have achieved a rating of “Excellent” or “Very Good”.
Andrea Auteri, Managing Partner at Elevation said: “We are excited to complete this fundraising and move our well-established EHP vehicle into its next phase of growth. EHP seeks to address the structural undersupply of high-quality elderly care beds in the U.K. to deliver positive social impact through the provision of modern, high-quality care environments. These care home properties are a vital part of the healthcare infrastructure fabric of the country and are designed to meet increasing environmental standards. This fundraising is testament to the successful alignment of Elevation with its investors and stakeholders, supporting both sustainable returns and the provision of high-quality elderly care.”
Threadmark Partners Limited acted as advisor for this fundraising.
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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.
The Transaction, announced in August, has now completed with the transfer of 5 long-term care home leases to Anchor as part of this acquisition. Elevation Healthcare Core Plus (“EHCP”), a real estate fund advised by Elevation, originally purchased the real estate consisting of 5 homes and 330-beds through a sale and leaseback transaction in August 2021. The homes, which are all operating, were built in the last 5 years to best-in-class standards with full en-suite wetrooms and strong environmental credentials.
Anchor is England’s largest not-for-profit provider of housing and care for people in later life. It provides retirement housing to rent and to buy, retirement villages and residential care homes, including specialist dementia care. In total, Anchor serves more than 65,000 residents in 54,000 homes across almost 1,700 locations. Its residential care services employ the majority of the 9,000-strong workforce, providing services to residents at 125 care homes. They have exceptional care compliance, with over 88% of their care homes rated Good or Outstanding.
Andrea Auteri, Managing Partner at Elevation said: “We are excited to complete this transaction with Anchor and help facilitate their continued growth in the care home space. We look forward to these homes continuing to thrive under Anchor’s leadership and we look forward to our relationship developing.”
Anchor’s press release: https://www.londonstockexchange.com/news-article/38OI/acquisition-of-11-care-homes/15700452
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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.
Upon the Transaction closing (scheduled for Autumn 2022 once the CQC transfer of registration has taken place), Elevation Healthcare Core Plus (“EHCP”), a real estate fund advised by Elevation, will have 5 long-term leases with Anchor. EHCP originally purchased the real estate consisting of five care homes in East Midlands and South East England with 330-beds through a sale and leaseback transaction in August 2021.
Anchor are the largest not-for-profit provider of housing and care for older people in England, managing over 35,500 socially rented units, over 12,500 leasehold units, and 114 care homes (5,860 rooms), serving more than 65,000 residents. They have exceptional care compliance, with over 93% of their care homes rated Good or Outstanding.
The homes, which are all operating, were built in the last 5 years to best-in-class standards with full en-suite wetrooms and strong environmental credentials. The properties are let on long-term leases with RPI-linked escalator with cap and collar.
Andrea Auteri, Managing Partner at Elevation said: “We are excited to begin a new relationship with Anchor and help facilitate their growth in the care home space. The team at Halcyon have done an exceptional job with the homes over the last 15-18 months, providing outstanding care for the local communities. We look forward to these homes continuing to thrive under Anchor’s leadership.”
Anchor’s press release: Acquisition, 28 Jul 2022 10:30 | Shares Magazine
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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.
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.
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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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.
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.
Andrea Auteri, Managing Partner at Elevation said: “We are pleased to expand our partnership with Tanglewood with a further two developments. Both the operational and development teams at Tanglewood continue to deliver and Elevation are thrilled to help support their growth.”
Karen Whitehead, Development Director at Tanglewood said: “We were delighted to complete the deal between Tanglewood and Elevation for the development of two further care homes in Humberston and Oadby. The last two years have been an exciting time for Tanglewood Care Homes. We have completed one home that is now operational and we are on site with four other care homes. We enjoy a good relationship with Elevation and look forward to working together on further schemes in the future.”
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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.
Korian, the leading European care services group for elderly and fragile people, has concluded in December 2021a long-term investment partnership with funds from BAE Systems Pension Funds advised by Elevation. Korian will be the asset and property manager in the real estate structure and will continue to consolidate the structure in its accounts.
BAE Systems Pension Funds invest in real estate, infrastructure, alternative and other private markets assets globally, in addition to listed equities and fixed income. Elevation is a healthcare real estate investment manager.
BAE Systems Pension Funds invested around €100m of equity into a real estate portfolio of 23 Long Term Care and Healthcare assets including nursing homes, post-acute and mental healthcare clinics across France, Germany and Spain. The partnership includes one greenfield site and four assets which are being redeveloped.
The portfolio has a net equity value of around € 200 million, including a portfolio structuration fee and based on Cushman & Wakefield’s valuation (blended capitalisation rate of c.4.9%) and a LTV (loan to value) of around 38% as of December 2021. Further capex investment into the greenfield and redevelopment sites expected between 2022 and 2024 will bring the overall gross value of the portfolio to around € 320 million.
This long- term partnership has a similar structure to the one set up in 2020 with BNP Cardiff and EDF Invest, as a partnership of 15 years with a possible extension and a minimum lock up of 7 years for BAE Systems Pension Funds. The expected remuneration is around 4.5% per annum, with a floor and a cap on the exit yield, which allows Korian to benefit from any significant increase of the value of real estate portfolio above the cap over the long term.
This new agreement confirms the group’s capability to leverage its attractive and liquid existing portfolio and to raise equity financing on a regular basis in order to match the real estate investments related to its sustained development momentum, while keeping a prudent loan to value rate (55% or below).
Korian’s real estate strategy, launched in 2016, has multiplied by over 3 times the value of its real estate portfolio to € 2.9 billion as of 30 June 2021, for 25% of the operated network across Europe.
Korian has also been able to build a consistent new build pipeline, representing to date around 120 projects, using internal expertise and entering into partnerships with land developers and investors.
Korian continues to invest in real estate, in order to serve its growth ambitions. It is expected that the real estate portfolio will reach € 4 billion by 2023 consisting of primes assets in key locations across Europe.
Korian has been listed on Euronext Paris Section A since November 2006 and is included in the following indices: SBF 120, CAC Health Care, CAC Mid 60, CAC Mid & Small and MSCI Global Small Cap Euronext ticker: KORI – ISIN: FR0010386334 – Reuters: KORI.PA – Bloomberg: KORI.FP
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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.
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.
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.
Halcyon aspires to provide the very highest standards of care in a luxury modern environment. Halcyon operates two other homes and has contracted to operate two more. Halcyon believes that moving into a Halcyon care home should enrich the residents lives and enable them to maintain contact with their local communities.
The homes, which are all operating, were built in the last 4 years to best-in-class standards with full en-suite wetrooms and strong environmental credentials. The properties will be let on long-term leases with RPI-linked escalator with cap and collar.
The care homes form part of the next wave of transactions for EHCP. EHCP aims to invest in future proof, essential, healthcare real estate tenanted on long term leases with best in class environmental sustainability and evidencing a material positive impact to their local communities.
Andrea Auteri, Managing Partner at Elevation said: “We are thrilled to begin our partnership with Halcyon, with a management team that we know well and highly respect. LNT are renowned for their efficient and high-quality homes and we are delighted to expand our partnership with them. We look forward to watching these homes progress.”
Philip Raven, Director at LNT said: “We are delighted to complete yet another transaction this year with the experienced team at Elevation.”
Mike Whitehead, CEO at Halcyon said: “We are looking forward to working with the existing operating teams and have every confidence that we can support each home to fulfil their potential. This marks the next chapter for Halcyon Care Homes in what promises to be an exciting 18 months. In addition to the acquisition of the four operating homes (264 beds), the newly built care home at Faversham (66 beds) opened its doors in early August 2021. This brings the total number of homes for the partnership between Halcyon Care Homes and LNT to 7. We know Elevation well and enjoy working with them, this is a wonderful opportunity to extend our relationship. We also want to thank Knight Frank for their work and support during the acquisition.”
Nick Kempster, Partner at Knight Frank said: “This transaction shows the demand from investors for well-let, future-proof care home investments. The partnership between Halcyon and LNT has gone from strength to strength and it is great to see Elevation supporting this growing care business.”
“We are delighted to complete yet another transaction this year with the experienced team at Elevation.”
—Philip Raven, Director at LNT
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.
Elevation will look to provide whole loans, sized in excess of £20m, to developers and operators with strong track records in the UK senior living space to fund developments and/or acquisitions. The debt financing strategy aims to offer flexibility and increased choice to best-in-class borrowers.
The strategy has been seeded with a loan extended to Oakland Care (“Oakland”), a leading elderly care developer and operator, who is backed by leading private equity growth investor Synova.
Oakland currently operates six luxury care homes with 434 beds across London and the South East, with a further three care homes under construction and more land sites in the pipeline. Oakland has an ambitious ESG strategy for the next five years, having already achieved Greenmark accreditation and more recently announcing it had become the first UK care group to achieve carbon neutral status across its entire portfolio following certification by the Carbon Neutral Trust. The loan commitment offers an integrated financing solution spanning the construction and lease up phase of each development allowing Oakland to significantly increase the number and rate of new elderly care communities it develops and operates in the South East of England.
Elevation continues to pursue further transactions with a growing exclusive pipeline of future potential investments.
Andrea Auteri, Managing Partner at Elevation said: “Elevation is thrilled to be able to bring to the UK senior living market a compelling debt offering. The strategy will be the third pillar of growth for Elevation and work complimentarily alongside our triple net lease and joint venture platforms. We are excited to grow our relationship with SRE. We have been impressed by Oakland’s success story and are delighted to have the opportunity to partner with its experienced management team and shareholders to accelerate the growth of their business.”
Josh Cleveland, partner and head of EMEA for SRE, added: “We are delighted to expand our relationship with Elevation with this investment. This investment allows us to increase our exposure to a compelling sector driven by demographic trends that has shown to be resilient to various market cycles. We have seen the importance of investing alongside experienced managers in specialized real estate sectors like healthcare and senior living and look forward to benefitting from Elevation’s leading expertise and track record in the space.”
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.
Borough Care is a leading not-for-profit operator in the Greater Manchester area and has a strong 20-year track record of providing great care and support for nearly 500 residents.
The care home development will be built to best-in-class standards with full en-suite wetrooms and strong environmental credentials. The property, which will create 60-80 jobs for the local community, will be let on a long-term lease with RPI-linked escalator with cap and collar.
The home forms part of the second wave of seed transactions for EHCP. EHCP aims to invest in future proof healthcare real estate on long term leases with infrastructure characteristics, best in class environmental sustainability and evidencing a material positive impact to the local community. EHCP targets core plus returns.
Andrea Auteri, Managing Partner at Elevation said: “we are thrilled to expand our partnership with Borough Care by adding a second home to the portfolio, as we continue deployment of our newly raised healthcare real estate fund. LNT are renowned for their excellent quality homes and we look forward to practical completion in early 2022.”
Philip Raven, Director at LNT said: “LNT Care Developments is delighted to partner once again with Borough Care and Elevation in providing another high quality residential care home to improve the lives of people in the local community.”
“We are delighted to build on our existing partnership with Elevation, by adding a second new home in Staffordshire, and extend our partnership with LNT. We’re grateful to all those involved and we can’t wait to open the doors of our fantastic new home in 2022, just as we have recently done in Leek.”
—Dr Mark Ward, CEO at Borough Care
Nick Kempster, Associate at Knight Frank said: “Knight Frank are pleased to advise on another disposal for LNT. The development is future proofed and will help to address the demand/supply issues in the catchment.”
EHCP 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.
The venture has committed to its first investment being a prime care home in Southwest London. PGIM Real Estate worked with Elevation Advisors LLP in sourcing, structuring and executing the joint venture. PGIM Real Estate will retain Elevation for their specialist expertise in the sector.
Charles Crowe, Head of UK Transactions at PGIM Real Estate, comments: “Long-term demographic trends in the UK are strongly favourable for senior housing development, with growing demand from the rising elderly population set against a backdrop of static – and sometimes even falling – supply. This dynamic is particularly evident in and around Greater London, where there are unprecedented levels of population density and affluence combined with a demand/supply imbalance. PGIM Real Estate’s long-standing track record of investing in senior housing in the US and the UK showcases our deep understanding of this sector. We are excited to enter into this new venture.”
Tom Ball, CFO of Signature, comments: “We are extremely pleased to enter into this joint venture, supporting the further development and growth of the Signature Group. We continue to identify, develop and operate best in class operations, growing our management platform, and welcome the support of our partners in achieving this goal”.
Tom Wellner, President and CEO of Revera Inc., comments: “As a global leader in seniors housing, Revera is excited to invest alongside PGIM Real Estate and to share our expertise to support the growth of our award-winning Signature brand. Signature, with its experienced management team, is a valuable asset within the Revera portfolio.”
Simon Webster, Partner with Elevation, comments: “This joint venture brings together an experienced group of investors with a strong track record in healthcare to support the next phase of growth for Signature, one of the most highly respected senior living operators in the UK market.”
About PGIM Real Estate
As one of the largest real estate managers in the world with US$188.5 billion in gross assets under management and administration (1), PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US$1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing (2), and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PFI ranks among the top 10 largest asset managers in the world (3) with US$1.5 trillion in assets under management as of 31 Dec. 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
(1) As of 31 Dec. 2020, net AUM is US$124.3 billion and AUA is US$42.8 billion.
(2) Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.
(3) Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on 1 June 2020. This ranking represents global assets under management by PFI as of 31 March 2020.
In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Real Estate Luxembourg S.A. with registered office: 2, boulevard de la Foire, L-1528 Luxembourg. PGIM Real Estate Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Real Estate Luxembourg S.A. to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).
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About Revera
Revera is a leading Canadian-owned and -headquartered, owner, investor, operator, and developer in the senior living sector. Through its portfolio of partnerships, Revera owns or operates more than 500 properties across Canada, the United States and the United Kingdom, serving more than 55,000 seniors. The company offers seniors’ apartments, independent living, assisted living, memory care and long term care. With approximately 50,000 employees dedicated to providing exceptional care and service, Revera is helping seniors live life to the fullest. Through Age is More, Revera is committed to challenging ageism, the company’s social cause of choice. Find out more at ReveraLiving.com, Facebook.com/ReveraInc or on Twitter @Revera_Inc.
About Elevation
Elevation is a specialist asset manager and investor in the UK healthcare real estate sector, with approximately £500m under management as of 31 January 2021. Elevation provides market leading competence, intelligence and asset management services to its investors with the purpose of delivering consistent risk-adjusted returns over a cycle. The Elevation team brings together a unique wealth of complimentary expertise and know-how in real estate, financing and asset management across various real estate investment structures, development and healthcare operations.
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.
PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU). The venture has committed to its first investment with the development of two new purpose built state of the art care homes in Exeter and Didcot, in partnership with Care Concern Group, one of the industry’s most highly-regarded operators. The new homes in Exeter and Didcot are expected to be completed and open by late summer 2021 and 2022 respectively.
Charles Crowe, Head of UK Transactions at PGIM Real Estate comments, “We are very pleased to announce our investment into senior housing with Elevation. During this challenging time, the importance of high-quality senior housing has never been more apparent. As the market recognizes the demographic trends that are driving demand for senior housing, we are seeing compelling investment opportunities in this sector. PGIM Real Estate’s long standing track record of investing in senior housing in the US and UK, showcases our deep expertise and understanding of this sector and we are excited to launch this UK venture.”
Andrea Auteri, Managing Partner with Elevation, comments: “The structure of this joint venture aligns operators alongside an experienced group of investors with a strong track record in healthcare. This innovative investment partnering product allows operators to incubate freehold developments on their balance sheet whilst reducing their equity requirements, enabling efficient scaling of multiple developments at once. We are delighted to be working with PGIM Real Estate and supporting the next phase of growth for Care Concern Group, one of the most highly respected senior living integrated developer-operators in the UK market.”
Manpreet Johal, Owner and CEO of Care Concern Group, comments: “We look forward to our new venture with PGIM Real Estate and Elevation, this relationship now means that we can execute our pipeline of developments with a clear and efficient framework allowing us to proceed at a greater pace. We aspire to develop 60 homes over the next 3-5 years adding circa 4,700 beds to our portfolio, this partnership will play a significant role in our growth.”
About PGIM Real Estate
As one of the largest real estate managers in the world with US$188.5 billion in gross assets under management and administration (1), PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US$1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing (2), and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
About PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (PFI) (NYSE: PRU). PFI ranks among the top 10 largest asset managers in the world (3) with US$1.5 trillion in assets under management as of 31 Dec. 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
(1) As of 31 Dec. 2020, net AUM is US$124.3 billion and AUA is US$42.8 billion.
(2) Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.
(3) Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on 1 June 2020. This ranking represents global assets under management by PFI as of 31 March 2020.
PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor.
MEDIA CONTACTS:
About Elevation
Elevation is a specialist asset manager and investor in the UK healthcare real estate sector, with approximately £500m under management as of 31 January 2021. Elevation provides market leading competence, intelligence and asset management services to its investors with the purpose of delivering consistent risk-adjusted returns over a cycle. The Elevation team brings together a unique wealth of complimentary expertise and know-how in real estate, financing and asset management across various real estate investment structures, development and
healthcare operations.
About Care Concern Group
Care Concern Group (CCG) is a top 20 U.K. operator of 46 care homes with in-house development capabilities. CCG started in 1991 and has grown through acquisitions and developments into a national operator. CCG has presence across the U.K. and aims to grow its presence through further developments and acquisitions. In the last 10 years, CCG has been focusing its target on the mass-affluence market, by offering a modern purpose-built luxury care setting on an all-inclusive price basis. Each care home is individually branded, with strong emphasis on the family-owned nature of the operations.
In the United Kingdom, information is issued by PGIM Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 193418). In the European Economic Area (“EEA”), information is issued by PGIM Real Estate Luxembourg S.A. with registered office: 2, boulevard de la Foire, L-1528 Luxembourg. PGIM Real Estate Luxembourg S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier (the “CSSF”) in Luxembourg (registration number A00001218) and operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Limited in reliance of provisions, exemptions or licenses available to PGIM Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Limited and/or PGIM Real Estate Luxembourg S.A. to persons who are professional clients as defined under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive Directive 2014/65/EU (MiFID II).
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.
Following Korian’s acquisition of Berkley Care Group, EHP and Korian have entered into a lease agreement at institutional terms pursuant to which EHP will lease the real estate of Leycester House, a state of the art 78-bed care home offering high end, all-inclusive services and an excellent level of care located in Warwick, Warwickshire, to a subsidiary of Korian.
Korian, a company headquartered in France and quoted on Paris Euronext, is the leading European care services group for elderly and fragile people with over 1,000 care facilities across six European countries.
Andrea Auteri, managing partner at Elevation said: “we are delighted to welcome Korian as a new operating partner and are excited to support Korian’s future growth in the UK. We want to thank Seamus and his exceptional team for a wonderful partnership.”
Seamus Halton, founder and chairman of Berkley Care Group said: “I have worked with Elevation for the last 18 months and found them to be supportive, efficient and fully understanding of the care home market. Working with them has been a pleasure as they are efficient, open and honest and I have no hesitation in carrying out further transactions in the near future”.
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.
The home continues to be operated by Yorkare Homes Limited (“Yorkare”). Yorkare is a leading family-owned operator in the North-East of England, predominately in Yorkshire and North-East Lincolnshire, and has a strong track record of providing first-class real estate and exceptional care and support for nearly 400 residents.
Lindsey Hall Care Home was built to best-in-class standards with full en-suite wetrooms and won the prestigious Pinders Healthcare Design Award for the Best New Build Care Home in 2017. The property, which provides 80 jobs for the local community, will be let on a long-term lease with RPI-linked escalator with cap and collar. The home forms part of a seed transaction for a new core plus fund managed by Elevation. EHCP aims to invest in future proof healthcare real estate on long term leases with infrastructure characteristics, best in class environmental sustainability and evidencing a material positive impact to the local community.
Andrea Auteri, Managing Partner at Elevation said: “we are delighted to begin a new partnership with Yorkare as we continue deployment of our newly raised core plus fund. Yorkare are an outstanding regional operator, with high-quality assets and exceptional care credentials, who led the way in adaptation and care delivery throughout the pandemic. Elevation are excited to complete the transaction and support Yorkare in the next phase of their growth.”
Laurence Garton, Yorkare Development Director said: “We are delighted to be working with Elevation as we continue to expand our Care Home group. We are looking forward to continuing to deliver the high standard of care at Lindsey Hall. It is an exciting time for us as we begin this partnership with Elevation and create a new avenue for our business to grow.”
Nick Kempster, Associate at Knight Frank said: “Knight Frank are delighted to have advised Yorkare on this sale and leaseback. Yorkare are a best in class operator and developer of care homes and the strongly contested process demonstrated the weight of capital looking to invest within the sector.”
Peter Farnes, Senior Director at CBRE said: “CBRE are delighted to have represented EHCP in this acquisition. The transaction clearly shows how strategic long term real estate investors can partner with high quality operators to create a platform that can grow sustainably and enhance the offer to the elderly care market locally in parts of the UK which have been overlooked to date.”
EHCP 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.
Borough Care is a leading not-for-profit operator in the Greater Manchester area and has a strong 20-year track record of providing great care and support for nearly 500 residents.
LNT has recently completed the construction of the property and the care home is due to welcome its first residents imminently. Hen Cloud House is built to best-in-class standards with full en-suite wetrooms and strong environmental credentials. The property, which will create 60-80 jobs for the local community, will be let on a long-term lease with RPI-linked escalator with cap and collar.
The home forms part of a seed transaction for a new core plus fund managed by Elevation. EHCP aims to invest in future proof healthcare real estate on long term leases with infrastructure characteristics, best in class environmental sustainability and evidencing a material positive impact to the local community.
Andrea Auteri, Managing Partner at Elevation said: “we are thrilled to begin a new partnership with Borough Care as we begin deployment of our newly raised core plus fund. Borough Care is a leading regional operator with a stand-out attitude towards care and well-being, continuing to deliver best in class care throughout the pandemic. LNT have constructed a first-class property for Borough Care to
operate. Elevation are excited to support the next phase of growth for Borough Care.”
Dermot Callinan, Director at LNT said: “The team at LNT are proud to have created a safe and luxurious home environment for our friends at Borough Care. We are committed to fulfil our mission to provide every elderly person in the UK with a quality place to live.”
Dr Mark Ward, CEO at Borough Care said: “Leek is a great opportunity for Borough Care. We are delighted our partnership with Elevation will allow us to create an unrivaled care environment to the local community.”
Nick Kempster, Associate at Knight Frank said: “Knight Frank are delighted to have advised LNT on another disposal of one of their turn of key developments. This transaction continues to show the strong demand from both operators and funders for future proof care home developments.”
EHCP 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.
The portfolio, formerly known as the “Loyds Portfolio” was comprised of real estate underlying 61 care homes (of which 54 trading and 7 closed), which was previously leased to FSHC.
During the course of 2020, Elevation:
Hunter Drew, partner at Elevation said: “We thank the operators and their staff for their extraordinary efforts to keep the residents safe and thoughtful partnership during the course of the year against the backdrop of turbulence and unprecedented uncertainty caused by the Coronavirus pandemic.”
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.
Tanglewood is the leading operator in Lincolnshire and has a thirty year track record of providing great care and support for nearly 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.
Construction of the property recently completed and the care home is due to welcome its first residents imminently. The property is built to excellent standards with full en-suite wetrooms. The property will be let on a long-term lease with RPI-linked escalator with cap and collar. The acquisition further enhances EHP’s geographic diversification and consolidates EHP’s relationship with Tanglewood.
Simon Webster, partner at Elevation said: “we are delighted to expand our partnership with Tanglewood to include this seventh residential care home. Tanglewood is a leading regional operator with an excellent track record in care and well-being and has continued to deliver best in class care throughout the pandemic. Elevation are excited to continue supporting the growth of the business.”
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.
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.
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 and will be let on a long-term lease with RPI-linked escalator with cap and collar. The development further enhances EHP’s geographic and operator diversification and is testament to Elevation’s desire to provide the healthcare market with modern and efficient real estate stock that provides the best environment for resident care.
The property is built on the site of a former NHS hospital, now dis-used. The development is expected to revitalize the community and provide employment to over 20 individuals during the development and construction phase and up to 75 members of staff once fully operational.
Simon Webster, partner at Elevation said: “we are excited to partner with MMCG. MMCG has a proven track record of developing best in class care homes and operating with an strong focus on person-centered care.”
“Malvern is a fantastic opportunity for MMCG and this site 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 Malvern community.”
—Chris Womack, Development Director at MMCG
EHP continues to pursue further transactions with developers and operators of high-quality care services, and has a growing exclusivity 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.
Berkley Care is a leading operator in the Midlands and has a strong reputation for offering its residents outstanding person-centered care within a luxurious hospitality-led care home environment.
The property was recently built to excellent standards with full en-suite wetrooms and is let on a longterm lease with RPI-linked escalator with cap and collar. Berkley Care becomes EHP’s sixth operator relationship. The acquisition of the care home in the Midlands further enhances EHP’s geographic and operator diversification.
Simon Webster, partner at Elevation said: “we are excited that Berkley Care has joined EHP’s growing number of operator relationships. Berkley Care is a leading regional operator with an excellent track record of care and wellbeing for its residents.”
EHP continues to pursue further transactions with a growing exclusivity 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.
Tanglewood is the leading care homes operator in Lincolnshire and has a thirty year track record of providing great care and support for nearly 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 six properties are purpose-built and are let on long-term leases with RPI-linked escalator with cap and collar. Tanglewood becomes EHP’s fifth operator relationship. The acquisition of the care homes in Lincolnshire further enhances EHP’s geographic and operator diversification.
Hunter Drew, partner at Elevation said: “we are delighted to add Tanglewood to EHP’s growing number of operator relationships. Tanglewood is a leading regional operator with an excellent track record of care and wellbeing for its residents. The acquisition will ensure continuity for Tanglewood’s staff and residents and will provide the business with capital for further growth. This transaction is a further example of how Elevation can bring flexible capital solutions to support the growth of its operating partners.”
EHP continues to pursue further transactions with a growing exclusivity 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.
