News News inbrief
n LNT Care Developments have applied for planning permission to Somerset West and Taunton Council to build a 66-bed care home on a 1.6-acre site in Bathpool on the outskirts of Taunton.
Octopus Real Estate inks £100m LNT portfolio acquisition
Octopus Real Estate has acquired eight care homes from LNT Care Developments in a deal worth around £100m. Octopus Healthcare Fund, managed by
Octopus Real Estate, has committed to five of the care homes at practical completion and will forward-fund construction of the remaining three homes over their 12-month build periods. The eight new care homes are located in
Wombourne, Nottingham, Wakefield, Cannock, Kidderminster, Swadlincote, Redditch and Salisbury, and will all provide full en-suite wetrooms. Once complete, seven care homes will be
let to Ideal Carehomes and one to Elmfield Care, each on a 35-year lease. Ideal Carehomes is an existing Octopus
Real Estate tenant, while Elmfield is a new ‘LNT care partnership’ operator formed by LNT with Elmfield’s Directors. The deal is one of the biggest portfolio
purchases to date for the Octopus Healthcare Fund. “The sector still requires significant further
investment given the UK’s ageing population, and we continue in our work to bridge that gap,” said Octopus Real Estate director of originations Chris Wishart. “Extending our relationship with both parties, in addition to Elmfield Care, is a key step in executing our strategy of funding modern care homes with robust fundamentals,” he added. Knight Frank acted as selling agent for LNT
Care Developments.
McCarthy & Stone shareholders giving backing to £647m US takeover bid
Later living developer McCarthy & Stone is to be sold to US private equity group Lone Star after shareholders backed an improved takeover offer. Lone Star upped its bid of £1.15 per share
made in October to £1.20, which values McCarthy & Stone at £647m. In a statement, McCarthy & Stone said
79.94 per cent of its shareholders approved at
a company general meeting the improved offer that had been recommended by directors. The £1.20 per share offer represented a
44.6 per cent premium to the £0.83 closing price of McCarthy & Stone shares as of 22 October, the last business day before the start of the offer period. The sale of McCarthy & Stone will see the business de-listed from the London stock
exchange early next year. The so-called long stop date by which time the
takeover must be completed is 28 February 2021. McCarthy & Stone said last month its
annual revenue up to 31 October had reduced 73 per cent year to year to £197m.
................................................................................... n Charterpoint and Cinnamon Luxury Care have got the green light from Sheffield City Council to build a four- storey, 80-bed home in Bradway on the southern fringes of the city.
................................................................................... n Derbyshire County Council has drawn up plans for a 40-bed home in Cotmanhay. Construction of the two- storey, £13m development is due to start
this month and wrap up in 2023. ................................................................................... n Broxtowe Borough Council has granted consent to Medina Stapleford proposals for a three-storey, 78-bed care
home in Stapleford, Nottinghamshire. ................................................................................... n Cheshire West and Chester Council has gone against planning officer advice by refusing New Care permission to replace a trio of homes with a 69-
bedroom care home in Northwich. ................................................................................... n Castleoak Care Developments has won permission from Vale of Glamorgan Council to build a 70-bed home near Wenvoe between Cardiff and Barry.
January 2021 •
www.thecarehomeenvironment.com
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