Exclusive: Rynda Healthcare buys two Avery homes for £28m

Zina Fragkiadaki
May 16, 2022
M&A
Avery

Real estate investment firm Rynda Healthcare has bought two care home developments from Reuben Brothers-owned care home provider Avery Healthcare in a sale and leaseback deal of more than £28 million, HealthInvestor UK can reveal.

The transaction follows Hamberley’s £100m sale and leaseback deal with Rynda Healthcare in late April.

The homes, currently under development, are located in Littleover (Derby) and Braintree and are expected to be delivered in September and early 2024.

Today Avery operates 52 residential, dementia and nursing care homes throughout the UK. Rynda Group’s total portfolio of all real estate assets is £331 million, of which care homes are £178 million.

Michael Walton, chief executive of Rynda Healthcare told HealthInvestor UK: “The transaction adds a new high-quality operator to the expanding Rynda Healthcare portfolio and demonstrates the increasing attractiveness of the sector to institutional investors.

“The demographic robustness of the sector is a key driver of the interest. Rynda Healthcare’s platform is attracting considerable investor interest that will allow it to add to the existing portfolio in the balance of 2022 and into 2023.

“We expect, subject to opportunities, to double the portfolio over the next 18 months and have over 20 homes by the end of 2023. The current pipeline is looking strong.”

Comprising 151 beds in total, the facilities will meet the highest ESG standards, according to John Strowbridge, managing director of Avery Healthcare.

PwC was Rynda Healthcare’s financial advisor and Christie & Co advised the group commercially. Rynda was represented by Stephenson Harwood on the legals while Avery was advised by Fieldfisher and Browne Jacobson.

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