Healthcare real estate investment manager Elevation Advisors has raised an initial £330m (€377m) for its open-ended prime UK care-home fund.

The UK-based manager said the initial capital raised had been used to seed Elevation Healthcare Properties (EHP) with over £400m worth of care homes and will provide equity for additional acquisitions.

EHP owns 26 care-home properties providing over 1,800 beds tenanted to six operating partners.

Elevation said EHP intends to deploy the capital raised to acquire and develop on a pre-let forward fund basis new properties with similar specifications.

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 UK 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. 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.”

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