Westhill Park Care Home in Kettering
Westhill Park Care Home in Kettering

Elevation Healthcare Core Plus (EHCP), a real estate fund advised by Elevation, has completed a sale and leaseback from Halcyon Care Homes of five care homes with a total of 330 beds.

The homes were developed by LNT Construction and will be tenanted to boutique care home operator Halcyon. They all have en suite wetrooms and strong environmental credentials.

All the homes are all operating and were built in the past four years. They will be let on long-term leases with RPI-linked escalator with cap and collar.

EHCP stated that it aims to invest in future proof, essential, healthcare real estate tenanted on long-term leases with best-in-class environmental sustainability and evidencing a material positive impact to the local community.

Andrea Auteri, managing partner at Elevation said: “We are thrilled to begin our partnership with Halcyon, with a management team that we know well and highly respect. LNT are renowned for their efficient and high-quality homes and we are delighted to expand our partnership with them. We look forward to watching these homes progress.”

Philip Raven, director at LNT added: “We are delighted to complete yet another transaction this year with the experienced team at Elevation.”

Mike Whitehead, chief executive at Halcyon commented: “We are looking forward to working with the existing operating teams and have every confidence that we can support each home to fulfil their potential. This marks the next chapter for Halcyon Care Homes in what promises to be an exciting 18 months.

“In addition to the acquisition of the four operating homes (264 beds), the newly built care home at Faversham (66 beds) opened its doors in early August 2021.

“This brings the total number of homes for the partnership between Halcyon Care Homes and LNT to seven. We know Elevation well and enjoy working with them; this is a wonderful opportunity to extend our relationship.”

Knight Frank acted as financial advisor to LNT.

Date published: August 18, 2021

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