Country Court Care secures funding for a portfolio of eight assets comprising a mix of new build and going concern care homes
The deal was funded by vehicles advised by Cheyne Capital Management, who provided a £40 million investment and development whole loan. “We are proud of having expanded our presence in the UK healthcare real estate sector by backing an excellent operator focused on private pay patients” Ravi Stickney, Head of Real Estate, Cheyne Capital.
The assets include four 66 bed care homes to be built by LNT Construction. The first home to be delivered is in Huntingdon and will open its doors in May 2016. “The sale to Country Court Care is a fantastic start to 2016 for LNT. Demand for our purpose-built care facilities is growing rapidly as providers are recognising the need for capital investment in their portfolio. Country Court Care’s foresight in buying sites in advance is extremely prudent, as sites are now selling at the earliest opportunity. With the growing pressures on the local authority funded social care system growing, the need for care home environments which will attract the self-funding resident is becoming clearer.” Matt Lowe, Chief Executive, LNT
Additional assets include the construction of a 31 bed care home in Tallington and 3 newly acquired going concerns. The total portfolio will provide over 500 high quality, purpose built care beds.
Once the developments complete Country Court Care Group will operate a total of 1,500 beds across 27 care homes.
“We are very pleased to have worked with Cheyne, they appreciate what Country Court Care has achieved to date and understand our plans for future growth. This new funding allows us to build high specification care homes which, when coupled with the great care our team delivers, moves Country Court Care into an exciting new era. Being a family business since 1983 we are proud to see how much our business has grown whilst maintaining our involvement and family ethos.” Abdul Kachra, Chairman, Country Court Care
Charles Russell Speechlys and Taylor Wessing were the appointed legal advisors. Conaghan & Co acted as corporate finance advisors to Country Court Care on the transaction. BDO and Grant Thornton also provided advice to both parties.