CareTrust REIT Signs Deal with LNT Care to Buy 45 New Care Homes in £1.1bn Deal

LNT Care Developments has announced a sale and leaseback agreement with US based CareTrust REIT, who have purchased the freehold interests of 45 operational and in-development care homes across England and Wales.

LNT Care Development’s group operator, Crystal Care Collection will retain full responsibility for the management and delivery of care services, with existing leadership teams remaining in place.

Lawrence Tomlinson, founder of LNT Care Developments said, “CareTrust REIT describes itself as ‘for operators, by operators’, and that is how we have always run. We were keen to carefully choose a partner whose vision and values align with our own. We are delighted to work together to meet the growing need in the UK for new, safe, well-run homes for residents and their families.”

Kristian Horabin, Group Chief Executive Officer at LNT Care Developments, said: “This transaction represents a significant milestone for LNT Care Developments and Crystal Care Collection. It reflects the quality of our care home developments, the strength of our operator, and the dedication of our colleagues, who deliver exceptional care home environments.

“The agreement allows LNT Care Developments to propel our long-term growth strategy, ongoing investment in people, and continued development of high-quality care homes, marking an exciting next chapter for the business.”

Dave Sedgwick, CareTrust President and Chief Executive Officer, said “LNT Care Developments is more than just a developer or operator.  They are a special organisation singularly positioned to serve the growing demand for affordable purpose-built care homes, which is why we want to work with them for the long run.

“We’re grateful and thrilled to complete this initial transaction and, with aligned missions and values, we hope to support the LNT team further as they seek to develop hundreds more homes over the next decade and beyond.”