Avery Healthcare sells two care homes for £28m and leases them back

Care home developer and operator Avery Healthcare has sold two of its care home developments for £28 million to real estate investment firm Rynda Healthcare and will be leasing them back.

The care home developments in Littleover in Derby and in Braintree are currently still under construction.

John Strowbridge, managing director of Avery Healthcare, said: “We are delighted to have agreed this deal with the team at Rynda Healthcare. This agreement builds on our strong track record for developing and operating some of the UK’s best care homes.

“The care homes are on track to be delivered in September this year and early 2024 and are being developed to meet the highest ESG standards.”

Avery Healthcare owns 65 care homes and extra care developments. Avery says it sees well-being as a priority and all care homes have a busy schedule of recreational and leisure activities, both indoor and outdoor, as well as regular outings to local garden centres, pubs and educational trips. All homes have cafés for residents to use throughout the day and there is free Wi-Fi for all residents and visitors.

Michael Walton, chief executive at Rynda Healthcare added: “We are delighted to have closed this transaction adding to our portfolio of care homes. Each home is well located to meet the needs of its local community and are being developed to the latest standards of design. Rynda Healthcare continues to build long term relationships with a range of selected developers and operators whose business growth we look to support.”

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