UK real estate fund manager Moorfield Group has teamed up with Allegra Care to invest an initial £125m (€137m) in UK care homes.
Moorfield, through its Moorfield Real Estate Fund IV fund, will invest alongside Allegra Care to target a portfolio of 15-20 nursing and dementia care homes over the medium term.
UK-focused care home operator Allegra Care will also be responsible for originating and operating the assets.
The companies said the partnership will seek to acquire both operational assets, including those offering asset management potential, alongside newly developed homes and is in advanced discussions on a number of acquisition opportunities.
Marc Gilbard, CEO of Moorfield Group, said: “The nursing home sector is a logical extension to our demographically driven investment strategy, as we look to build on our successful track record of investing at the early stages across the ‘beds’ sectors.
“The fundamentals for the UK’s elderly healthcare sector remain strong, and we expect the impact of the COVID-19 pandemic to be profound, accelerating the much-needed delivery of fit-for-purpose homes, of which there is a chronic undersupply in the UK.”
Helen Jones, CEO of Allegra Care, said: “We are excited to be partnering with Moorfield, which has an enviable track record of supporting the growth of businesses with a commitment to service quality.
“With our model based on the core principles of the household model, resident and staff wellbeing, service quality and staff development, we are focused on delivering on our acquisition plan with Moorfield Group, and adding value to the homes and teams that become part of Allegra Care.”
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