Investment manager Downing has successfully exited nine purpose-built care homes managed by long-term partner Care Concern Group (CCG).
The exit follows a sale and leaseback transaction to a healthcare infrastructure investor.
Downing’s funds have supported CCG over several years to acquire the group which comprised of four trading homes, three newly constructed homes purchased at turnkey, one closed home which was substantially refurbished, and a home which was fully redeveloped.
Mark Gross, partner and head of private equity at Downing, said: “The transaction highlights how Downing is working with partners to increase the provision of care beds in underserved markets while creating value for the wider community, management teams and our investors. The successful exit builds on our strong track record with Care Concern who continue to provide high-quality, premium care for elderly residents.”
David Martin Smith, managing director of Care Concern Group, added: “This exit is further evidence of our valuable partnership with Downing, who we have worked with over many years and who continue to support the growth and development of the wider group.”
