Anchor has purchased 24 care homes from LNT Group, in a deal worth more than £100m.
Specialist property advisers Christie + Co have brokered a deal between LNT Group and Anchor for the purchase of 24 residential care homes in a deal worth over £100m.
Christie + Co have longstanding strong relationships with both Anchor and LNT Group and was able to leverage that knowledge to identify the opportunity to create a deal. Anchor will take on 24 homes previously run by LNT Group subsidiary Ideal Carehomes. It also recently acquired two further new build turnkey homes. All of the homes were sold on a freehold basis after the freehold interest in seven leasehold properties was simultaneously acquired from landlord Quercus.
The strategic deal benefits both Anchor and LNT Group and builds on synergies between the two companies and reflected a unique opportunity for Anchor to acquire the largest residential only, purpose built care home portfolio in the UK to further enhance their own market leading position.
The homes, in the north and midlands, provide a total of 1,317 en-suite rooms for older people, including older people with dementia. The deal brings the total number of homes operated by Anchor up to 114
Anchor Chief Executive Jane Ashcroft said: “This deal represents significant growth for Anchor, in line with our business plan. It means we can provide happy living to many more older people. We are committed to providing a choice of great places and ways to live and are really pleased to be welcoming new residents and colleagues to the Anchor family.”
She added: “Christie + Co’s knowledge of the market has been invaluable in enabling us to achieve our growth objectives and provide happy living to many (more) older people.”
Lawrence Tomlinson, Chairman of LNT Group, said: “It is a pleasure to work with Anchor especially as they share many of our core values. Having previously sold turn-of-key care homes to Anchor, we already have a well-established relationship which made the deal possible – we believe it to be the biggest deal of its kind since the financial crisis in 2008. We had not planned to sell these homes but when the opportunity arose, I knew it was a perfect fit for all parties and would enable us to continue to grow our relationship with Anchor.
Matt Lowe, Commercial Director at LNT Group commented: “The LNT Group has worked with Christie + Co over many years, who are a well trusted partner of the business. We’d like to say thanks to Richard Lunn and his team who have been extremely professional and constantly available throughout the deal.”
Richard Lunn, Head of Care at Christie + Co commented: “This is a substantial deal and reflects an exceptional opportunity for Anchor to acquire the largest purpose-built residential-only care home portfolio in the UK. All the homes being purchased are freehold and were built within the last five years.”
He added: “The deal, one of the biggest deals of the year, demonstrates that whilst the overall care sector is facing challenges, including the national living wage, there is still much appetite within the sector for high quality future-proof residential homes.”