Assetz Capital funds seven-figure deal for family-owned care home
Marketplace lender Assetz Capital has provided a loan to Curaa to fund the acquisition of Broome End Care Home.
Based in Stansted Mountfitchet, Broome End Care Home caters for 35 people, comprising of 29 single and three double rooms, with residents ranging from those who are relatively self-sufficient to others who require more complex care. Broome End Care Home has recently won a variety of awards for its services, including the “Care Home of the Year” award in 2019.
The property comprises a detached manor house, over three levels, set in idyllic countryside setting with meadow views and a manicured garden. The home is easily accessible, only two miles from Stansted, with a bus stop outside the home. The historic village centre of Stansted Mountfitchet is within walking distance.
Curaa is a family owned permanent capital care home investment business based in London. With a focus on emphasising compassion, community and care in a person-centred environment the founders expect to grow their business through both organic and in-organic channels.
Since 2013, Assetz Capital has lent over £960m to UK SMEs and housebuilders. As well as funding housing developments, the company also fund projects such as elderly residential care, specialist residential care, retirement & supported living, and purpose build student accommodation (PBSA). The marketplace lender funded new housing projects last year representing the equivalent of 1 in every 100 new homes built.
The loan from Assetz Capital was used for the entire purchase of the care home and was introduced by Chandler and Co.
Stuart Benge, relationship director at Assetz Capital, said: “The care sector has grown significantly over the last few years due to the ageing population, and Assetz is keen to support this segment as part of the wider supported living sector. Curaa Group have identified the need for a personal and compassionate experience within the sector which is an important factor when choosing a care home that is the right fit. It’s been great working with the team at Curaa on their first acquisition and we look forward to seeing the progression of the care home in the future and the exciting plans they have.”
Haris Khan, managing director at Curaa Group Ltd, said: “Thanks to Assetz Capital we have secured our first care home acquisition in Stansted. Stuart Benge worked closely along-side our team to ensure the process was right for us and it was great that he could see the big ambitions we have as a family owned business. Our amazing team recently won Home of the Year at the Essex Care Sector Awards, and we intend to build on this momentum as we go into 2020.”
Liz Woollett, of Chandler and co, said: “We’ve really enjoyed working to help Curaa Group to acquire Broome End Care Home, which is a great opportunity for them. Our clients had a clear idea of the business they sought, and we quickly established their buying power to realise this. We wish Curaa Group every success and look forward to working together again in the future.”