UK care home operator Lovett Care has secured a £65m (€75.7m) credit facility from real estate investor Cain International to expand its care home portfolio.
The revolving credit facility from Fortwell, Cain’s credit strategy, will fund the construction of new care homes in the UK, with the first three sites located in Kings Hill, Kent; Chelmsford, Essex; and Abingdon, Oxfordshire.
Lovett Care, founded in 2009, offers specialised residential, nursing and dementia care. The company operates over 600 beds in its care homes.
Nikos Yerolemou-Ennsgraber, director at Cain, said: “By agreeing this deal with Lovett Care, we have established a strong relationship with a highly experienced provider.
“As the UK faces a significant demand for care beds, far exceeding the current supply, we are proud to contribute to the development of this sector.”
Keith Crockett, CEO at Lovett Care added: “We are delighted to have initiated this relationship with Cain International, which will help us execute our strategy to deliver high-quality new-build care homes across attractive markets.
“Cain’s expertise in the sector has been helpful in putting together a framework that fits well with our growth strategy and ambitions to deliver best-in-class facilities.”
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