LRH Homes sale completes with £70m deal

The final 13 properties of elderly care group LRH Homes have been sold for more than £70m to elderly care specialist Golden House and Ravad, backed by Israeli investor Igal Ahouvi. The purchasers already own St Cloud Care, a group of six homes in Surrey, Oxfordshire and Worcestershire. The transaction increases the size of the combined care home group to 19 facilities. The purchase of the final 13 properties this week follows a separate deal in which Christie & Co sold two of the LRH care homes in December 2016. Golden House will act as asset manager on the properties. Ahouvi, who owns a 70% stake in Ravad, has also been active in the care home sector, recently buying a portfolio of 15 care homes in the South East for £79m. Ravad already owns seven care homes in the region. Golan Rubinstein, director of Golden House and Arnon Rubinstein, director of St Cloud Care, said: “LRH Homes has been built as a family business with a clear set of values and we look forward to working with the staff to further develop the company.” Max Broadbent, director at Colliers International, which advised on the deal, added: “There are a number of excellent family-operated care home groups that have been built up over many years and for the right opportunities, demand is high. The care home sector continues to provide a strong long-term investment based on sound fundamentals and we expect to see continued consolidation in the mid-market.” The finance to assist with the acquisition was arranged by Steve Chester of Axis Commercial Finance and took the form of a club deal between Barclays and RBS. • To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette