Halcyon completes five care home deal with Elevation REIT
Elevation Healthcare Core Plus, a real estate fund, has completed a sale and leaseback from Halcyon Care Homes of five care homes with a total of 330 beds.
The homes were developed by LNT Construction and will be tenanted to boutique care home operator Halcyon.
The homes, which are all operating, were built in the last 4 years to best-in-class standards with full en-suite wetrooms and strong environmental credentials. The properties will be let on long-term leases with RPI-linked escalator with cap and collar.
The homes form part of the next wave of transactions for EHCP which plans to invest in “future proof, essential, healthcare real estate tenanted on long term leases with best in class environmental sustainability and evidencing a material positive impact to the local community”.
Andrea Auteri, Managing Partner at Elevation said: “We are thrilled to begin our partnership with Halcyon, with a management team that we know well and highly respect. LNT are renowned for their efficient and high-quality homes and we are delighted to expand our partnership with them. We look forward to watching these homes progress.”
Philip Raven, Director at LNT said: “We are delighted to complete yet another transaction this year with the experienced team at Elevation.”
Mike Whitehead, CEO at Halcyon said the deal was part of an ambitious development schedule for the company.
“This marks the next chapter for Halcyon Care Homes in what promises to be an exciting 18 months. In addition to the acquisition of the four operating homes (264 beds), the newly built care home at Faversham (66 beds) opened its doors in early August 2021. This brings the total number of homes for the partnership between Halcyon Care Homes and LNT to 7,” he said.
Knight Frank acted as financial advisor to LNT.