Specialist property advisers Christie + Co have brokered a deal between LNT Group and Anchor for the purchase of 24 residential care homes in a deal worth over £100m.
Christie + Co have longstanding strong relationships with both Anchor and LNT Group and was able to leverage that knowledge to identify the opportunity to create a deal. Anchor will take on 24 homes previously run by LNT Group subsidiary Ideal Carehomes. It also recently acquired two further new build turnkey homes. All of the homes were sold on a freehold basis after the freehold interest in seven leasehold properties was simultaneously acquired from landlord Quercus.
The strategic deal benefits both Anchor and LNT Group and builds on synergies between the two companies and reflected a unique opportunity for Anchor to acquire the largest residential only, purpose built care home portfolio in the UK to further enhance their own market leading position.
Richard Lunn, Head of Care at Christie + Co comments: “The deal, one of the biggest deals of the year, demonstrates that whilst the overall care sector is facing challenges, including the national living wage, there is still much appetite within the sector for high quality future-proof residential homes.”
Anchor Chief Executive Jane Ashcroft adds: “Christie + Co’s knowledge of the market has been invaluable in enabling us to achieve our growth objectives and provide happy living to many more older people.”
Matt Lowe, Commercial Director at LNT Group comments: “The LNT Group has worked with Christie + Co over many years, who are a well trusted partner of the business. We’d like to say thanks to Richard Lunn and his team who have been extremely professional and constantly available throughout the deal.”