Care home operator Allegra Care and Moorfield Group, a real estate fund manager, have formed a partnership to create an initial £125 million portfolio of nursing and dementia care homes.

Moorfield will initially invest on behalf of Moorfield Real Estate Fund IV and Allegra Care will be responsible for originating and operating the assets and will also invest in the partnership, which is targeting a portfolio of 15 to 20 homes over the medium term.

The partnership stated it will employ a strict investment criteria, targeting modern, fit-for-purpose homes with large communal areas, in demographically supported locations across Central and Southern England. It will seek to acquire both operational assets, including those offering asset management potential, alongside newly developed homes, and is in advanced discussions on a number of acquisition opportunities.

Founded in 2018, Allegra Care is a specialist care home operator owned by Seniors Living Group. Moorfield invests in retirement living via its Audley platform, build-to-rent, and student accommodation. Earlier this year it entered the family home for rent sector with the acquisition of a portfolio of show homes leased back to UK housebuilder Avant Homes.

Moorfield Group chief executive Marc Gilbard said: “The nursing home sector is a logical extension to our demographically driven investment strategy, as we look to build on our successful track record of investing at the early stages across the ‘beds’ sectors.

“The fundamentals for the UK’s elderly healthcare sector remain strong, and we expect the impact of the Covid-19 pandemic to be profound, accelerating the much-needed delivery of fit-for-purpose homes, of which there is a chronic undersupply in the UK. Allegra Care has the deep sector knowledge required at this unprecedented time. We look forward to Helen and the Allegra Care team using their experience and passion to deliver the level of service that is desperately needed.”

Helen Jones, chief executive of Allegra Care, added: “We are excited to be partnering with Moorfield, which has an enviable track record of supporting the growth of businesses with a commitment to service quality. With our model based on the core principles of the household model, resident and staff wellbeing, service quality and staff development, we are focused on delivering on our acquisition plan with Moorfield Group, and adding value to the homes and teams that become part of Allegra Care.”

Allegra Care was advised by CBRE and Farrer & Co. Moorfield Group was advised by Connell Consulting and Shoosmiths.

Date published: September 15, 2020

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