Moorfield Group, the UK real estate fund manager, is investing part of its Fund IV via operator, Allegra Care.
The partnership envisages creating an initial portfolio of £125 mln (€135 mln) worth of care homes.
Allegra Care will be responsible for originating and operating the assets and will also invest in the partnership, which is targeting a portfolio of 15-20 modern, fit-for-purpose homes over the medium term in demographically supported locations across Central and Southern England.
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.
Founded in 2018, Allegra Care is a specialist care home operator owned by Seniors Living Group Ltd (SLG). Allegra Care’s CEO, Helen Jones, has a long history of operating care centres in Australia.
Moorfield is already an investor in several residential sectors such as retirement living (Audley), Build-to-Rent (More), and student accommodation (Domain). Earlier this year, the company entered the family home for rent sector with the acquisition of a portfolio of show homes leased back to UK housebuilder Avant Homes.
Marc Gilbard, CEO, 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.'
Allegra Care was advised by CBRE and Farrer & Co. Moorfield Group was advised by Connell Consulting and Shoosmiths.
