Israeli businessman buys LRH care homes for over £70m

Israeli property investor Igal Ahouvi, who is reported to be planning to invest £300m in British care homes, has collaborated with another Israeli-based investor on a £70m deal for 13 LRH care homes.

Mr Ahouvi, who owns more than £3bn worth of real estate in Israel, Europe and Vietnam runs Ravad Ltd, which has gone into partnership with Golden House Ltd - with the combined care home group already owning and operating St Cloud Care, a group of six homes in Surrey, Oxfordshire and Worcestershire.

LRH Homes which is based in London and the South of England, has over 700 operational beds.

Golan Rubinstein, director of Golden House Ltd and Arnon Rubinstein, director of St Cloud Care, who will lead the day to day operations, called the acquisition “an ideal investment to add to our growing portfolio of real estate care homes”.

They added: “LRH Homes has been built as a family business with a clear set of values and ethos and we look forward to working with the staff to further develop and grow the company over the long term.”

Jag Grewal, former chief executive at LRH Homes, said: “The business has been very strong and I’m particularly proud of our achievements over the past 21 years which have helped us to maintain high standards for the group.”

Max Broadbent, director at Colliers International, who led the transaction, revealed that “there are a number of excellent family operated care home groups which have been built up over many years and for the right opportunities, demand is high.

“The care home sector continues to provide a strong long term investment based on sound fundamentals and we expect to see continued consolidation in the mid-market. I have no doubt that the new owners will continue to expand and grow, which is great news for residents and staff alike.”

The finance to assist with the acquisition was arranged by Steve Chester of Axis Commercial Finance and consisted of a club deal between Barclays and RBS.