Care homes firm sells facilities to US operator
DEVELOPMENT-led care home operator New Care Projects has sold part of its portfolio of homes for an undisclosed multi-million pound sum to HCP, a specialist California-based health care investment REIT.
The operation of the two homes, Allingham House Care Centre in Timperley and Manorhey Care Centre in Urmston, has been taken over by Maria Mallaband Care Group with immediate effect.
The deal offered Manchester-based New Care the opportunity to dispose of the mature trading assets, which were attractive to the acquirers as they are new and located in the affluent borough of Trafford.
In addition, their bias towards private fee pay, excellent clinical reputation and consistently high levels of occupancy at above 96%, heightened the appetite for the homes, the vendors said.
The deal allows New Care to exit with surplus funds to fuel its expansion plans, designing, constructing and operating ‘new generation’ purpose-built care homes across the UK.
New Care provides a unique concept in the care sector founded by ‘Builder and Nurse’ team, Chris McGoff and Dylan Southern, following controlling interest investment by the McGoff brothers and a minority group of serial equity investors.
New Care chief executive Chris McGoff said: “We are very pleased to see this deal conclude, as not only did we take comfort in the fact that our excellent reputation and legacy was being transferred to suitable custodians, but the it also acts as a catalyst for the future growth of the New Care platform which we hope will become synonymous with raising standards in elderly health care provision.”
Dylan Southern, New Care Project’s co-founding board member, added: “The success of New Care in our view was always assured, as the contrasting skill sets that we have pulled together are vital at a time when the sector has no alternative but to deliver purpose built care facilities to cope with numerous challenges, leaving many smaller and converted stock opportunities obsolete.”
