Regency Investments is to hand over management of its Southern Cross-run properties to Life Style Care.
Herts-based Life Style Care, the care home operating arm of Regency Investments, will now manage the operations at the 23 properties to which Regency Investments holds the freehold. Southern Cross had been operating the sites since 2007.
The bulk of the properties are within the M25, including at Edgware, Hounslow and Putney, and will join the existing 14 facilities Regency Investments owns.
Ramesh Sachdev, chief executive of Life Style Care, said: “We are in the process of visiting homes to assess them, but because we have 25 years in the business, we feel the best thing is for us to take back control of the sites ourselves.”
Regency Investments is one of a number of landlords that collectively own 752 Southern Cross-run properties. In June the landlords began a four-month restructuring programme that will see them taking control of the care homes or selling them.
The owner of 45 of the care homes, Four Seasons Health Care, has confirmed it will take them back and operate them. Bondcare, which owns 39 homes, is also intending to take control of its properties.
Other owners, including Prestbury Investments and Vector Property Groups, are in negotiations to find new operators for their sites.
joanna.bourke@estatesgazette.com
