Nursing Home Properties has acquired seven nursing homes for £12.6m following the succesful completion of NHP’s £100m securitisation programme.
NHP chief executive Richard Ellert told EGi that insurance companies including Prudential and Standard Life had put a total of £100m into the new vehicle – Care Homes – which has acquired the leases on NHP’s properties.
He said: “The scheme will allow us to have a constant rolling programme of acquisitions worth around £25.5m each year.”
NHP’s latest investments are spread throughout Northern Ireland, Scotland, Wales and the north of England. Three were purchased from Tamaris, two from Paragon Homes and one each from Southern Cross Healthcare and the Highfield Group.
The deal means NHP has spent £116m on 63 nursing and residential homes since February 1995.
Grimley advises NHP.
EGi News 23/04/97
