Investment manager, Downing, has successfully exited a portfolio of six elderly specialist care homes managed by long-term joint-venture partner, Care Concern Group (CCG).
This follows an initial sale of five trading homes and a forward purchase agreement for the final home to a global real estate investor.
CCG will continue to operate the homes, which were acquired over a three-year period, and comprise five trading homes delivering high-quality nursing care to adults with complex mental and physical health conditions, including specialist dementia from 392 beds.
The portfolio also includes a closed 80-bed care home which is being fully refurbished and will be acquired at turnkey in 2026.
Mark Gross, partner and head of private equity at Downing, said: “This exit is further evidence of the continuing demand for services supporting higher-acuity, needs-based residents and testament to the quality of the complex care services our operators strive to build.
“This is the culmination of a successful journey with Care Concern, which will continue to provide high-quality specialist care for residents in these homes.”
David Martin Smith, managing director of Care Concern Group, added: “We are grateful for the support and strong working relationship we have formed with Downing over many years, which has culminated in another successful exit.”
The Downing deal team comprised of Edmund Motley and Hannah Kenny, who were supported by Shoosmiths LLP.