Allegra Care and Moorfield Group have added four assets to their UK care home investment partnership.
The companies said the joint venture has invested an undisclosed amount to acquire four nursing, dementia and care homes in Bristol and South Gloucestershire from Grove Care.
The acquired assets include the 65-bed Olive Tree House and the 40-bed Rose Garden located in Patchway, the 43-bed Blossom Fields home and the 35-bed The Grove property in Winterbourne
The acquisition adds a further 183 beds to the partnership’s portfolio which now comprises eleven homes across Hampshire, Cambridge, Suffolk, and South Gloucestershire.
The joint venture, launched in September 2020, aims to create an initial £125m portfolio of modern, fit-for-purpose nursing, dementia and care homes across the UK, with a focus on areas supported by favourable demographic trends.
Helen Jones, chief executive officer of Allegra, said: “We are very pleased to confirm the addition of Olive Tree House, Rose Garden, The Grove and Blossom Fields to our growing family of homes. The homes are well-established, well-regarded, attractive, and warm, with strong standards of service.
”We welcome our new colleagues to the Allegra Care team. We thank our due diligence partners for their efforts. The acquisition heralds a tremendous end to 2022 for Allegra Care.”
Charles Ferguson Davie, CIO of Moorfield, said: “The UK nursing, dementia and care home market is marked by fragmented ownership and a severe demand-supply imbalance in the face of an ageing population.
“As demonstrated by today’s announcement, we see a major opportunity to create a market-leading portfolio with our joint venture partners Allegra Care, with both parties united in their vision in taking a customer-centric approach to operations that delivers high levels of care and comfort to residents.”
The directors of Grove Care, said: “Having established Grove Care over 30 years ago and built the group to become one of Bristol’s leading elderly care providers, we are pleased to secure a sale to Allegra Care. It was clear from the outset that their values and approach to care are closely aligned with ours and we wish them all the very best.”
Robert Kinsman, regional director at Christie & Co who brokered the deal, said: “Having worked with the team at Grove Care for over fifteen years we were delighted to represent the family in the sale to Allegra Care. This is a significant transaction in the elderly care sector and underlines investor appetite.
“Grove Care is a fantastic addition to the Allegra portfolio. Having brokered the sale of their first care home, St Georges in Weston super Mare in 2019, it’s great to be part of their ongoing growth.”
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