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Anchor snaps up 24 LNT Group care homes

Anchor has expanded its footprint in the residential care home space with the acquisition of 24 homes from LNT Group for over £100 million.

LNT Group subsidiary Ideal Carehomes previously ran the new-build units, which provide a total of 1,317 en-suite rooms for elderly people, including those with dementia.

Anchor’s portfolio of residential homes has been boosted to 114 as a result of the deal.  

“We see a real opportunity in good quality residential dementia care and this acquisition just gave us the opportunity to do more of that and bring in good practice,” Jane Ashcroft, chief executive of Anchor (pictured), told HealthInvestor. “The Ideal Carehomes facilities are strong performers on a number of levels: they are very efficient homes because they are new-build, so they are attractive to residents because they are spacious and light; and, they are very attractive from a business point of view because they are very eco-friendly.”

The homes are based across the North and the Midlands and have all been built within the last five years.

All of the homes were sold on a freehold basis after the freehold interest in seven leasehold properties was simultaneously acquired from landlord Quercus.

Lawrence Tomlinson, chairman of LNT Group, said: "It is a pleasure to work with Anchor especially as they share many of our core values.  Having previously sold turn-of-key care homes to Anchor, we already have a well-established relationship which made the deal possible – we believe it to be the biggest deal of its kind since the financial crisis in 2008.  We had not planned to sell these homes but when the opportunity arose, I knew it was a perfect fit for all parties and would enable us to continue to grow our relationship with Anchor.”

Christie+Co brokered the transaction, with Richard Lunn leading the team.

Ashcroft hinted that Anchor is looking to make some further acquisitions to grow the residential care side more. “[Given] the scale of the Ideal acquisition, [that] plus another couple will be sufficient,” she said.

Anchor also recently acquired two new-build turnkey homes from LNT Group.

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Posted on: 04/09/2015

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