Allegra Care and Moorfield Group add 183 Beds Through Portfolio Acquisition
– Partnership expands into the South West of England with purchase of four homes –
A joint venture (‘JV’) between Allegra Care, a UK-focused care home operator, and Moorfield Group, a UK specialist real estate fund manager acting on behalf of Moorfield Real Estate Fund V (Moorfield), has completed the acquisition of four nursing, dementia and care homes in Bristol and South Gloucestershire.
The JV acquired the homes from Grove Care, a family-run care home business, for an undisclosed sum. The acquisition, supported by Virgin Money as debt provider, adds a further 183 beds to the partnership’s rapidly growing nursing, dementia and care homes portfolio.
Olive Tree House, a 65-bed home, and Rose Garden, a 40-bed home, are co-located in Patchway. The two properties are modern, fit-for purpose homes where 100% of the beds have accessible wet room ensuites, each allowing for the implementation of Allegra Care’s bespoke ‘household care’ model.
Blossom Fields, a 43-bed home with 100% of the beds having accessible wet room ensuites, is located in Winterbourne and is co-located with The Grove, a 35-bed home specialising in residential dementia care. Both The Grove and Blossom Fields are rated “Outstanding” by the Care Quality Commission.
The four homes provide a range of care services tailored to residents’ needs, with options for specialist dementia and nursing care and 24-hour assisted living for Olive Tree House, Rose Garden and Blossom Fields. The Grove specialises in dementia care.
The homes also offer residents a range of community facilities and wellbeing-focused amenities, including spacious lounges and purpose-built gardens.
Helen Jones, Chief Executive Officer of Allegra, commented:
“We are very pleased to confirm the addition of Olive Tree House, Rose Garden, The Grove and Blossom Fields to our growing family of homes. The homes are well-established, well regarded, attractive, and warm, with strong standards of service. We welcome our new colleagues to the Allegra Care team. We thank our due diligence partners for their efforts. The acquisition heralds a tremendous end to 2022 for Allegra Care.”
Charles Ferguson Davie, Chief Investment Officer of Moorfield, commented:
“The UK nursing, dementia and care home market is marked by fragmented ownership and a severe demand-supply imbalance in the face of an ageing population.
“As demonstrated by today’s announcement, we see a major opportunity to create a market-leading portfolio with our joint venture partners Allegra Care, with both parties united in their vision in taking a customer-centric approach to operations that delivers high levels of care and comfort to residents.”
