Hamberley Development, a wholly owned luxury care home development business of Patron Capital, has sold two of its well-advanced care home projects to Target Healthcare REIT Limited. The €42.5m (£37m) deal will see Hamberley’s operating company, Hamberley Care Homes, lease back the buildings over a 35-year period.
The luxury developments in Cumnor Hill, Oxford and Badgers Mount near Sevenoaks in Kent have a combined total of 130 beds and are due to be completed by mid-2019. Both homes include en-suite bedrooms, a cinema, a bar area, a hair and beauty salon with a nail bar, luxurious lounges and landscaped gardens. They will be part of the rapidly growing Hamberley Care Homes group which already includes Caddington Grove in Dunstable and Newton House in south Glasgow.
The group also has a development pipeline of sites in Bracknell, Basingstoke, West Byfleet, Worcester, Ampthill, Hailsham, Enfield, Bedford and Camberley. It is actively acquiring land and existing operating businesses and has over €344.6m (£300m) of capital allocated for healthcare investment.
Keith Breslauer, Managing Director of Patron Capital, said: “We have a strong reputation in the healthcare sector, having successfully created, built and sold Gracewell Healthcare (elderly care) and The Badby Group (specialist care). With an ageing population and growing demand for high-quality accommodation for older people in the UK, we are pleased to be backing the same, multi-award-winning team at Hamberley Development, which is setting new standards in this space. We are actively looking for additional opportunities to grow our exposure to this sector which we believe has an important role to play in wider society.”
Daniel Kay, Director of Hamberley Development, said: “We’re delighted to have agreed this deal with the Target Healthcare REIT team. The sale demonstrates the success of the design and development of our state of the art care homes in the UK. There is a growing demand for this type of leading-edge luxurious care environment and we are actively seeking out new opportunities. Both of these properties are close to completion and the Hamberley Care Homes team looks forward to becoming a valuable member of each local community, providing truly personalised care for residents.”
