An open-ended UK healthcare real estate fund managed by Elevation Advisors is adding 11 properties across the country to its portfolio.
Elevation Healthcare Properties (EHP) has agreed to acquire 11 properties from Clariane and to also lease the assets back to care home operator Berkley Care.
Berkley Care’s existing leadership team has also agreed to acquire the operations of Berkley Care operations from Clariane. The total consideration to Clariane was £207m (€242m).
Elevation said the latest deal expands EHP its existing relationship with Berkley Care. EHP owns 40 UK care home properties providing over 2,700 beds, tenanted to nine best-in-class care operators.
Andrea Auteri, managing partner at Elevation, said: “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, CEO 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.”
To read the latest IPE Real Assets magazine click here.
