Hamberley has a greed a £100m sale and leaseback deal with Rynda Healthcare for five of its care homes.
Under the deal, the care home developer and operator, which is backed by Patron Capital, will immediately lease back three of its existing care homes under 35-year leaseback agreements. Two more, which are currently under development in Eastleigh and Enfield, will be leased back when construction is completed.
The existing care homes are Elstow Manor in Bedford, Verwood House in Dorset and Upton Manor in Poole.
Collectively the five homes account for 353 beds in Hamberley’s 14-property portfolio. The group will have a total of 28 homes by 2024, once the current pipeline of developments is complete.
Keith Breslauer, managing director at Patron Capital, said: “This is the latest in a number of sale and leaseback transactions we have completed through Hamberley, highlighting growing investor interest in the later living sector. Having built and sold Gracewell Healthcare, we have a long history of developing exceptional care home properties that meet the needs of an increasingly discerning ageing population.”
Michael Walton, chief executive at Rynda Healthcare, added: “We are delighted to have closed this transaction, adding to our portfolio of care homes in Edinburgh, Braintree, Derby and Market Harborough. Each home is centred around providing its residents with the very best care in state-of-the-art properties. Rynda continues to build long term relationships with a range of selected developers and operators whose business growth we look to support.”
Hamberley’s care homes are pitched at the top end of the market and feature luxury bedrooms with full wet room facilities, cinemas, cafés, bars, hair and beauty salons, lounges and landscaped gardens. The group’s development pipeline includes sites in Cambridge, Dorking, Hindhead, Camberley, Basingstoke, Southampton, Bristol, Keynsham, Cofton Hackett and Edwalton.
Hamberley Development is actively acquiring land and existing operating businesses and has more than £170m of equity capital allocated for healthcare investment.
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