Luxury care home with private chauffeur acquired by Target Healthcare for £13.8m

Parris Lawn, a purpose-built care home in East Sussex, has been acquired by specialist care home investor Target Healthcare for £13.8m and will be run by the Caring Homes Group.

The home in Ringmer, opened in 2017 and was a care home design finalist in 2018. It has 62 bedrooms with full ensuite wet room facilies, communal lounges and dining rooms as well as a cinema and a hair salon.

Care Quality Commission inspectors rated the home, which has its own private chauffeur, as Good in September 2018.

Paul Jeffery, chief executive of Caring Homes Group, said: “I am delighted that Parris Lawn in East Sussex is joining our family of high-quality care homes across the UK.

“We are very much looking forward to enhancing the support Parris Lawn delivers to all its residents and hope that they will be impressed with our approach to and focus on person centred care, clinical excellence and family values. We pride ourselves on providing exceptional care as well as recruiting and retaining the most talented staff.”

The home will be let on a 35-year lease with RP I-linked cap and collar to a subsidiary of Caring Homes Group, the UK-wide care home operator which is an existing tenant within the Group's portfolio.

As is customary for new and nearly new care homes, a short rent free period has been agreed which will assist the Caring Home Group’s cashflows during the early trading period.

John Flannelly, head of investment at Target Fund Managers, said: “The completion of this acquisition adds another high-quality asset to the portfolio, further strengthening our relationship with Caring Homes and increasing our presence in the demographically strong South East market.

“We have now completed the £51 million of 'imminent' acquisitions we were targeting by the end of November. We continue to progress due diligence on the near term pipeline of approximately £28 million as well as advance multiple other investment opportunities that we are currently seeing in the market.”

Target Healthcare REIT Limited is an externally managed Real Estate Investment Trust with a UK portfolio of modern, purpose built care homes worth £403.7m.

click here for more details or to contact Parris Lawn