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 IV (Moorfield), have completed the acquisition of two nursing, dementia and care homes in Cambridgeshire and Suffolk from Alysia Caringadding a further 133 beds to the partnership’s nursing, dementia and care homes portfolio.
Cherry Blossom, an 80-bed home in Peterborough, Cambridgeshire, and 53-bed Magdalen House in Hadleigh, Suffolk, are modern, fit-for purpose homes with 100% of the beds having accessible wet room ensuites, each allowing for the implementation of Allegra Care’s bespoke household care model. The homes provide a range of care services tailored to residents’ needs, with options for specialist dementia care and 24-hour assisted living. Cherry Blossom and Magdalen House also offer residents a range of community facilities and wellbeing-focused amenities, including spacious lounges and purpose-built gardens.
This acquisition is the latest for the joint venture between Allegra Care and Moorfield aimed at creating an initial £125 million portfolio of modern, fit-for-purpose nursing, dementia and care homes across the UK, in areas supported by favourable demographic trends. Following this investment, the partnership now owns seven homes across Hampshire, Cambridge and Suffolk.
The acquisition was supported by Allied Irish Bank (AIB) as debt provider.
Charles Ferguson Davie, Chief Investment Officer of Moorfield, commented: “The acquisition of these two high-quality homes reflects the partnership’s ongoing intention to expand its ownership of homes in this region of the UK. The local demographics are supportive of the demand for high quality nursing, dementia and care homes and our partnership with Allegra Care is intended to take advantage of our combined investment and operational expertise to provide exceptional levels of care to the residents.”
Helen Jones, Chief Executive Officer of Allegra, commented: “We are very pleased to confirm the addition of Cherry Blossom and Magdalen House to our portfolio. Both are modern, attractive, warm homes with good reputations and 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 was a tremendous end to 2021 for Allegra Care.”