Building on our existing strong relationship with Elevation Advisors LLP (“Elevation”), we are delighted to see Elevation Healthcare Properties (“EHP”), the fund advised by Elevation, acquire the freehold interest in six care homes in Lincolnshire. These homes are let to the incumbent operator, Tanglewood Care Homes (Tanglewood).
We have developed a strong relationship with Elevation since their inception in 2017, and on this latest transaction, provided detailed due diligence in the form of care home market analysis reporting to assess the sustainability of these assets and long term viability of the trading performance.
Tanglewood is the leading operator in Lincolnshire and has a 30-year track record of providing great care and support for nearly 400 residents. Tanglewood has been recognised in recent years for its innovative approach to residential care, receiving multiple awards and recognition for training initiatives and community facilities. The six properties are purpose-built and are let on long-term leases with RPI-linked escalator with cap and collar. Tanglewood becomes EHP’s fifth operator relationship. The acquisition further enhances EHP’s geographic and operator diversification.
Hunter Drew, partner at Elevation, said: “Thank you to Carterwood for their support with this acquisition. We are delighted to add Tanglewood to EHP’s growing number of operator relationships. Tanglewood is a leading regional operator with an excellent track record of care and wellbeing for its residents. The acquisition will ensure continuity for Tanglewood’s staff and residents and will provide the business with capital for further growth. This transaction is a further example of how Elevation can bring flexible capital solutions to support the growth of its operating partners.”
Carterwood director Tom Hartley commented: “It’s a pleasure to continue working with Andrea, Hunter, Simon and Eamonn, who have been extremely successful in securing Tanglewood as EHP’s fifth tenant. They have a strong pipeline and we look forward to supporting further transactions in 2020”.