Simply UK secures care home funding deal for £40m

Simply Care Group UK, a specialist developer and operator of care homes, has completed a forward-funding deal for two flagship assets with a combined sum of £40m – a net yield of 5.2%. The two sites, in Bury St Edmunds and Dublin are currently under construction. They will be leased by Morar Living upon completion in 2024 on a 30-year terms. The funds will be used to support the company’s ongoing development plans throughout the UK and Europe. The group, which has invested around £250m in the healthcare sector in the past two years, has a portfolio of 17 operational homes, offering 1,230 beds. Operating under the Morar Living and the Portland Care brands, Simply UK is targeting a portfolio of 4,000 beds. Thomas Meany, projects officer at Simply UK, said: “Given the UK’s ageing demographics and a historic lack of public investment in later living, we continue to see huge potential in the care home sector. This further backing from a major institutional investor is an endorsement of our vision and a significant boost to our growth plans. “These are flagship assets for the group, with the site in Dublin representing our first project outside of the UK and in a market in which we have strong relationships and see future opportunities. “Bury St Edmunds is an area where we have already built a strong presence and are actively looking to expand our operations. Our product fits well into this region in which our ventures to date have been well received”. To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Photo from Simply UK