Simply Care Group UK, a specialist developer and operator of care homes, has completed a forward-funding deal for two flagship assets with a combined sum of £40m – a net yield of 5.2%.
The two sites, in Bury St Edmunds and Dublin are currently under construction. They will be leased by Morar Living upon completion in 2024 on a 30-year terms.
The funds will be used to support the company’s ongoing development plans throughout the UK and Europe. The group, which has invested around £250m in the healthcare sector in the past two years, has a portfolio of 17 operational homes, offering 1,230 beds.
Operating under the Morar Living and the Portland Care brands, Simply UK is targeting a portfolio of 4,000 beds.
Thomas Meany, projects officer at Simply UK, 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”.
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