In a deal worth more than £100m, care home operator Hamberley Group has sold five of its care homes to real estate investment firm Rynda Healthcare.
Under the deal, backed by Patron Capital, Hamberley will lease back three of the homes under 35-year leaseback agreements. The two remaining homes, currently under development in Eastleigh and Enfield, will also be leased back in due course.
The three existing care homes are Verwood House in Verwood, Dorset, Elstow Manor in Bedford, and Upton Manor in Poole. Hamberley currently operates 14 homes and aims to expand its portfolio to 28 homes by 2024.
Daniel Kay, director of the Hamberley Group, said: “We’re delighted to have agreed this deal with the team at Rynda Healthcare. This agreement builds on our strong track record for developing and operating some of the UK’s leading luxury care homes. This sale will allow us to invest further in the elderly care market and ensure that we deliver care environments that are truly luxurious, safe, and homely.
“The three existing homes in this deal are already much-loved services in each of their local communities and the new homes in Eastleigh and Enfield push our design standards yet further with the redevelopment of a 1920s police station and the integration of a leading-edge green energy heat network.”
Michael Walton, CEO of Rynda Healthcare commented: “We are delighted to have closed this transaction adding to our portfolio of care homes in Edinburgh, Braintree, Derby, and Market Harborough. Each home is centred around providing its residents with the very best care in state-of-the-art properties. Rynda continues to build long term relationships with a range of selected developers and operators whose business growth we look to support.”
Keith Breslauer, managing director of Patron Capital, added: “This is the latest in a number of sale-and-leaseback transactions we’ve completed through Hamberley, highlighting growing investor interest in the later living sector. Having built and sold Gracewell Healthcare, we have a long history of developing exceptional care home properties that meet the needs of an increasingly discerning ageing population.”
