Simply Care Group UK (Simply UK) has completed a forward funding deal for two flagship assets in Bury St Edmunds and Dublin for a combined sum of €46.8m, equating to a net deal yield of 5.2%.
The two sites, which are currently under construction, will be leased by Morar Living upon completion in 2024 on 30-year terms.
The funds will be used to support Simply UK’s ongoing development plans throughout the UK and Europe. The group, which has invested c. €288m in the healthcare sector in the past two years, is currently targeting a portfolio of 4,000 beds.
Thomas Meany, Projects Officer at Simply UK said: “Given the UK’s ageing demographics and a historic lack of public investment in later living, we continue to see huge potential in the care home sector. This further backing from a major institutional investor is an endorsement of our vision and a significant boost to our growth plans. These are flagship assets for the group, with the site in Dublin representing our first project outside of the UK and in a market in which we have strong relationships and see future opportunities. Bury St Edmunds is an area where we have already built a strong presence and are actively looking to expand our operations. Our product fits well into this region in which our ventures to date have been well received”.
Operating under the Morar Living and the Portland Care brands, Simply UK currently has a portfolio of 17 operational homes, offering some 1,230 beds and providing a range of long-term, short-term care for young learning disabilities to elderly dementia, palliative and respite care.