Royal London Asset Management has agreed a £35m deal to forward-fund two purpose-built elderly care homes in the South East of England.
The homes, which are located in Coxheath and Canterbury in Kent, will each provide 73 beds and will be developed by specialist care home developer Aspire. The care homes will be operated by Dunham Care, a care home operator backed by the McGoff Group.
The acquisitions form part of Royal London Asset Management’s wider healthcare strategy, which has now committed £450m to the sector.
Nick Short, fund manager at Royal London Asset Management, said: “These investments reflect our continued confidence in the long-term fundamentals of the healthcare sector. By investing in and partnering with experienced developers and operators to deliver high quality, purpose-built care homes in well-chosen locations, we are supporting the provision of essential care infrastructure while generating sustainable, long-term outcomes for our investors.”
Freddie Richards, head of healthcare transactions and asset management at Royal London Asset Management, added: “The Royal London Asset Management Healthcare Fund is focused on partnering with the very best developers and operators in the market. It is particularly positive to be working once again with Aspire and the management team at Dunham Care, where our longstanding relationships mean we have seen firsthand their expertise and commitment to quality. That depth of partnership is central to our ability to deliver high quality, purpose‑built care homes in locations where long‑term demand is strongest.”
Michael Lucas, managing director of Aspire, said: “These two developments reflect our continued focus on delivering high quality, purpose‑built care homes in locations where there is both a clear undersupply and long‑term need. Working with Royal London Asset Management and Dunham Care allows us to bring forward schemes that are designed to the highest standards, with sustainability, operational efficiency and resident wellbeing at their core. We are pleased to see these projects progress and to play a role in supporting the provision of modern care infrastructure across the South East.”
Chris McGoff, chief executive officer of Dunham Care, added: “Coxheath and Canterbury will add two well‑designed, modern homes to our portfolio, enabling us to deliver high‑quality residential and dementia care in areas with growing demand. We look forward to operating these homes in partnership with Royal London Asset Management and Aspire, creating environments that support residents, families and staff, while contributing positively to the local communities they serve.”
