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Connell C - LB Mar 2022

Elevation Healthcare Core Plus to develop four new homes

Elevation
The Humberstone home

Real estate fund Elevation Healthcare Core Plus has completed the acquisition of land and a forward funding agreement for the development of two new 66-bed care homes in Shrewsbury and Stoke, to be built by LNT Care Developments.

Once built, the homes will be let on a long-term lease with RPI-linked escalator with cap and collar to a subsidiary of Ideal Carehomes, which operates 30 homes in England.

The homes will have full en suite wetrooms and strong environmental credentials, which include solar photovoltaics across the whole roof space, battery storage units to capture excess energy during the day, ground source heat pumps and no gas boilers.

Andrea Auteri, managing partner at Elevation said: “We are thrilled to begin our partnership with Ideal Carehomes by adding two homes into the portfolio, as we continue deployment of our EHCP real estate fund. LNT are renowned for their excellent quality homes and we look forward to practical completion in late 2022. Additionally, we are excited to have two of the most sustainable homes constructed by LNT in our portfolio, continuing to grow both our environmental and social ambitions as an organisation.”

Matt Lowe, chief executive at LNT said: “LNT Care Developments is delighted to partner once again with Ideal Carehomes and Elevation in providing another high-quality residential care home to improve the lives of people in the local community.”

Stacey Linn at Ideal said: “Both Shrewsbury and Stoke are new locations for Ideal Carehomes and we look forward to working in partnership with Elevation and LNT to provide fantastic places to live alongside great career opportunities for people looking to make a difference in the local community.”

Real estate firm Knight Frank was advisor to LNT.

Elevation Healthcare Core Plus has also completed the acquisition of land and a forward funding agreement for development of two new care homes in Oadby, Leicester and Humberston, Northeast Lincolnshire, offering 132-beds with

Once built, the homes will be let on a long-term lease with RPI-linked escalator with cap and collar to Tanglewood Care Homes, which operates in Lincolnshire and caters to more than 400 residents.

The homes will have full en suite wetrooms and strong environmental credentials.

Auteri said: “We are pleased to expand our partnership with Tanglewood with a further two developments. Both the operational and development teams at Tanglewood continue to deliver and Elevation are thrilled to help support their growth.”

Karen Whitehead, development director at Tanglewood added: “The last two years have been an exciting time for Tanglewood Care Homes. We have completed one home that is now operational and we are on site with four other care homes. We enjoy a good relationship with Elevation and look forward to working together on further schemes in the future.

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