Bank of London and The Middle East has agreed a £12m loan to care home specialist Signature Senior Lifestyle as part of a £22m development project.
The largest Islamic wholesale investment bank in Europe provided the five-year facility to fund the development and operation of a new 83-bed residential and nursing care home in Epsom, Surrey.
Massoud Janekeh, head of Islamic capital markets, said: “There is an increasing need to meet demand for premium retirement facilities, particularly in the South East of England. The current property cycle allows strong investors like Signature to acquire and develop well-located plots.
“We are pleased to be supporting Signature’s continued growth in the provision of quality senior care through BLME’s combined expertise in healthcare and property finance.”
This project in Epsom will be the fifth community operated by Signature.
Aidan Roche, chief financial officer at Signature, said: “BLME has provided Signature with an additional line of funding that is essential as we work to open new homes and meet the growing need for quality care provision in the UK.”
bridget.o’connell@estatesgazette.com
