Patron Capital acquires three high quality turnkey care home developments from Highwood Group
26 May 2011
Christie + Co, the leading agent and advisor to the care sector, has sold three turnkey care home developments and a fourth care home development site to Patron Capital’s Gracewell Healthcare — adding up to 282 beds to the care sector.
Christie + Co acted on behalf of the developer Highwood Group, which has a long pedigree of delivering social housing and care home developments.
The acquisition by Gracewell Healthcare is in line with its strategy of addressing the need for high quality elderly care provision in the UK. It has created an experienced operations and development team to manage it ambitious programme. Tim Street and Daniel Kay are Senior Advisors to Patron Capital in the implementation of its pan-European healthcare strategy.
Highwood have commenced work on the first development for Gracewell Healthcare, a new state of the art 80-bed care home in Fareham, Hampshire to be followed later in the year by a 70-bed unit in Frome and a 60-bed unit in Weymouth. Additionally, planning permission has been granted for a 62-bed care home in Salisbury.
Bernard Wynne, Associate Director, Christie + Co, who negotiated the sale on behalf of Highwood Group says: “Highwood consistently deliver schemes of an excellent quality and have a real understanding of operator requirements. We are delighted that Gracewell Healthcare has made an investment on this scale which is a vote of confidence in the sector. This acquisition forms part of Gracewell’s wider development programme and follows their recent acquisition of a site in Basingstoke where construction will commence in June. Gracewell is continuing to pursue the acquisition of other high quality sites and turnkey developments in the South of England.
Highwood Group has a number of other schemes in the pipeline including a 65-bed elderly care home near Winchester, a consented scheme in Lyndhurst, and a specialist unit to be built in Gosport.
Nigel Meek, Director of Highwood Group, said how delighted he was to get this very complex transaction across the line in this current difficult economic climate. “These projects, coupled with other care related schemes Highwood are developing, represent in excess of £35M secured turnover for this financial year.”
For further information on this press release, please contact: Peter Fermoy at Christie + Co. Tel: 020 7227 0794. firstname.lastname@example.org