Leumi UK signs £12.8m facility with care home investment fund
Leumi UK, the London-based subsidiary of Israel’s leading international bank, has provided a £12.8m loan to an investment fund advised by Elevation Advisors LLP on behalf of an international pension fund, to assist with the acquisition of a purpose built 66-bed care home in Leek, Staffordshire. Funding has also been agreed for future acquisitions by the same investment fund.
The two-storey home will provide residential accommodation for the elderly, including catering to the needs of those living with dementia. The care home will be operated on a long-term lease by Borough Care, an established care home operator with a track record of successful care home management spanning more than 20 years.
Commenting on the deal, Richard Martin, relationship manager, property finance at Leumi UK, says: “The Care Homes sector has long been a speciality of Leumi UK’s Property Finance team and we were eager to lend our expertise to Elevation Advisors to assist with the acquisition of the site, particularly one so important to the local community. In our commitment to building strong relationships with our customers, we worked with them to understand what solutions were needed to achieve their investment objectives, and structured the deal accordingly.”
Matthew James, finance and operations director at Elevation Advisors, adds: “The care home in Leek will provide much-needed local support services and high-quality accommodation for the elderly, so it was imperative that we worked with a financial partner that fully understood our requirements and were flexible enough to deliver on our unique vision for this development. I am very grateful for the enthusiasm and professionalism shown by Richard and the rest of the Leumi UK team. Without their expertise and flexibility, we would not have been able to close the deal as smoothly and efficiently as this.”
Leumi UK were advised by Osborne Clarke and Cushman & Wakefield.