EHP acquires land for three care homes
Elevation Healthcare Properties (EHP), a real estate fund advised by Elevation Advisors, has secured the purchase of land and entered a funding agreement for the development of three new care homes across the UK.
The development consists of a 66-bed care home in Holbeach, with LNT Construction (LNT) developer, and two care homes in Nottingham, totalling 138-beds. The latter’s developer is Tanglewood Care Homes.
The properties are expected to create up to 80 jobs.
EHP says all three homes will be let to Tanglewood, a Lincolnshire care home operator with 30 years of track record providing care and support for over 400 residents.
They will be let to Tanglewood on a long-term lease with RPI-linked escalator with cap and collar. Further financial terms have not been disclosed.
Andrea Auteri, managing partner at Elevation said: “We are thrilled to expand our partnership with Tanglewood with a further three developments to a total of 12 homes, of which 8 operating and four under various stages of construction.
“We have worked closely with LNT completing the acquisition of nine homes to date, as they continue to be renowned for their excellent quality new build homes.”
Karen Whitehead, development director at Tanglewood said: “This marks the next chapter for Tanglewood in what promises to be an exciting 18 months. In addition to the newly acquired schemes, Tanglewood Care Homes have already completed on 200 beds to best-in-class standards with full en suite wetrooms and strong environmental credentials in the past 12 months. This brings the total number of homes for the partnership between Tanglewood and Elevation to 12.”
Philip Raven, director at LNT added: “LNT Care Developments is delighted to partner once again with Tanglewood and Elevation in providing another high-quality residential care home to improve the lives of people in the local community.”
Date published: January 5, 2022