Elevation Healthcare Core Plus (EHCP), a real estate fund advised by Elevation, has acquired land and a forward funding agreement for development by LNT Construction of a new 66-bed care home in Stone, Staffordshire.
The home will be let to a subsidiary of Borough Care and will be EHCP’s second home with Borough Care, a not-for-profit operator in the Greater Manchester area catering to almost 500 residents. It will be let on a long-term lease with RPI-linked escalator with cap and collar and create 60-80 jobs.
The home will have full en suite wetrooms and strong environmental credentials.
The home forms part of the second wave of seed transactions for EHCP, which aims to invest in future-proof healthcare real estate on long-term leases with infrastructure characteristics, best-in-class environmental sustainability and evidencing a material positive impact to the local community. EHCP targets core plus returns.
Andrea Auteri, managing partner at Elevation said: “We are thrilled to expand our partnership with Borough Care by adding a second home to the portfolio, as we continue deployment of our newly raised healthcare real estate fund. LNT are renowned for their excellent quality homes and we look forward to practical completion in early 2022.”
Dr Mark Ward, chief executive at Borough Care added: “We are delighted to build on our existing partnership with Elevation, by adding a second new home in Staffordshire, and extend our partnership with LNT. We’re grateful to all those involved and we can’t wait to open the doors of our fantastic new home in 2022, just as we have recently done in Leek.”
Nick Kempster, associate at estate agent Knight Frank said: “Knight Frank are pleased to advise on another disposal for LNT. The development is future proofed and will help to address the demand/supply issues in the catchment.”
EHCP stated it continues to pursue further transactions with a growing exclusive pipeline of future potential investments.
Date published: May 19, 2021