Specialist developer and operator Simply Care Group UK has secured a £40m funding deal for two brand new care homes.
The two homes – one in Bury St Edmunds, the other in Dublin – are currently under construction. When completed, they will be leased by Morar Living on 30-year terms.
The funds will be used to support Simply UK’s ongoing development plans throughout the UK and Europe. The group, which has invested around £250m in the healthcare sector over the past two years, is currently targeting a portfolio of 4,000 beds.
Operating under the Morar Living and the Portland Care brands, Simply UK currently boasts a portfolio of 17 care homes, offering a total of 1,230 beds.
Simply UK projects officer Thomas Meany, Projects Officer at said: “Given the UK’s ageing demographics and a historic lack of public investment in later living, we continue to see huge potential in the care home sector. This further backing from a major institutional investor is an endorsement of our vision and a significant boost to our growth plans.
“These are flagship assets for the group, with the site in Dublin representing our first project outside of the UK and in a market in which we have strong relationships and see future opportunities. Bury St Edmunds is an area where we have already built a strong presence and are actively looking to expand our operations. Our product fits well into this region in which our ventures to date have been well received”.
