Allegra Care and Moorfield Group have formed a partnership with the aim to create an initial €135.3m (£125m) portfolio of modern, fit-for-purpose nursing and dementia care homes. Building on its expertise and track record in the ‘beds’ sector, Moorfield will initially be investing on behalf of Moorfield Real Estate Fund IV. Allegra Care will be responsible for originating and operating the assets and will also invest in the Partnership, which is targeting a portfolio of 15-20 homes over the medium term.
The Partnership will employ strict investment criteria, targeting modern, fit-for-purpose homes with large communal areas, in demographically supported locations across Central and Southern England. It will seek to acquire both operational assets, including those offering asset management potential, alongside newly developed homes and is in advanced discussions on a number of acquisition opportunities.
Commenting on the transaction Marc Gilbard, CEO of Moorfield Group, said: “The nursing home sector is a logical extension to our demographically driven investment strategy, as we look to build on our successful track record of investing at the early stages across the ‘beds’ sectors. The fundamentals for the UK's elderly healthcare sector remain strong, and we expect the impact of the Covid-19 pandemic to be profound, accelerating the much-needed delivery of fit-for-purpose homes, of which there is a chronic undersupply in the UK. Helen’s track record and experience in the mature Australian market means Allegra Care has the deep sector knowledge required at this unprecedented time. We look forward to Helen and the Allegra Care team using their experience and passion to deliver the level of service that is desperately needed.”
Helen Jones, CEO of Allegra Care, added: “We are excited to be partnering with Moorfield, which has an enviable track record of supporting the growth of businesses with a commitment to service quality. With our model based on the core principles of the household model, resident and staff wellbeing, service quality and staff development, we are focused on delivering on our acquisition plan with Moorfield Group, and adding value to the homes and teams that become part of Allegra Care.”