UK-focused care home operator Allegra Care and Moorfield Group’s Fund IV have completed the acquisition of two nursing, dementia and care homes in Cambridgeshire and Suffolk, UK, from Alysia Caring, adding a further 133 beds to the partnership’s nursing, dementia and care homes portfolio.
Cherry Blossom, an 80-bed home in Peterborough, Cambridgeshire, and 53-bed Magdalen House in Hadleigh, Suffolk, are modern, fit-for purpose homes with 100% of the beds having accessible wet room ensuites.
This acquisition is the latest for the joint venture between Allegra Care and Moorfield aimed at creating an initial £125 mln (€150 mln) portfolio of modern, fit-for-purpose nursing, dementia and care homes across the UK, in areas supported by favourable demographic trends. Following this investment, the partnership now owns seven homes across Hampshire, Cambridge and Suffolk.
The acquisition was supported by Allied Irish Bank (AIB) as debt provider.
Charles Ferguson Davie, Chief Investment Officer of Moorfield, commented: ‘The acquisition of these two high-quality homes reflects the partnership’s ongoing intention to expand its ownership of homes in this region of the UK. The local demographics are supportive of the demand for high quality nursing, dementia and care homes and our partnership with Allegra Care is intended to take advantage of our combined investment and operational expertise to provide exceptional levels of care to the residents.’
Allegra Care and Moorfield were advised by Cushman & Wakefield, CBRE, BCLP & Menzies.
The seller was advised by Freeths and Freemans. Halo Care acted as the selling agent.
