US REIT agrees £250m development pact with care home developer Quantum
Retirement housing firm Quantum Group has agreed to a strategic development partnership with US real estate investment trust (REIT) Welltower.
The deal gives Welltower the exclusive option to acquire £250m (€284m) of Quantum’s development assets, which will be operated by Quantum’s subsidiary Encore Care Homes.
Welltower has already acquired an asset, a 60-bed, private-pay-focused care home located on the south coast of England, through a £13m sale and leaseback.
JLL advised the partnership and managed the first sale.
Jason Myers of Welltower said: “With JLL’s support, we were able to establish a partnership with Quantum that will yield strategic benefits to both businesses for years to come.”
Julian Shaffer, managing director of Quantum, said: “The partnership perfectly aligns our organisations’ belief that by placing customer needs at the heart of our businesses, we can create life-affirming places to take care of the generations which hitherto cared for us, whilst delivering long-term economic value and growth.”