Fortwell Capital has increased the debt facility it has made available to LNT Care Development to €79.5m (£70m). LNT will use the increased facility to finance the construction of their its pipeline of care homes over the next three years, which is estimated to include c.1,300 beds across around 20 care homes.
Fortwell Capital first provided a debt facility to LNT in 2014, since when it has advanced the developer over €113.5m (£100m) for the construction of 25 care homes, incorporating over 1,500 beds. An agreement was reached in 2018 to extend the facility until 2021.
Dan Smith, Chief Executive Officer of Fortwell Capital, said: “As the UK’s population ages the provision of residential care beds is a core issue, and as such we are delighted to be helping finance the delivery of new care homes. Alongside retirement living residential, this is something that will continue to be a key area of focus for Fortwell Capital. LNT is a best in class developer and operator of care homes, and it is great to be extending our relationship with them as they seek to expand their offering.”
Matt Lowe, Chief Executive Officer of LNT Care Developments, added: “There is a vital and growing need for more care bed capacity across the whole of the UK, but the sector can be a challenge for lenders. Through Fortwell Capital, we not only have the finance necessary to fund our growth but also access to a team that understands our business is flexible in their approach and a knowledgeable partner in the development process.”