Care home operator Allegra Care, and real estate fund manager Moorfield Group, acting on behalf of Moorfield Real Estate Fund V, have acquired a care home portfolio with assets located in Bristol and South Gloucestershire.

The sale comprises Olive Tree House and Rose Garden in Patchway, and Blossom Fields and The Grove in Winterbourne, all previously owned by family-run Grove Care.

The homes have a total of 183 beds with both Outstanding and Good Care Quality Commission ratings.

With this acquisition, Allegra Care and Moorfield Group now own and operate 11 homes across Hampshire, Cambridge, Suffolk and South Gloucestershire. The two companies stated they aim to create an initial £125 million portfolio of modern, fit-for-purpose nursing, dementia and care homes across the UK, with a focus on areas supported by favourable demographic trends.

The directors at Grove Care commented: “Having established Grove Care over 30 years ago and built the group to become one of Bristol’s leading elderly care providers, we are pleased to secure a sale to Allegra Care. It was clear from the outset that their values and approach to care was closely aligned with ours and we wish them all the very best.”

Helen Jones, chief executive at Allegra, commented: “The homes are well-established, well regarded, attractive and warm, with strong standards of service. The acquisition heralds a tremendous end to 2022 for Allegra Care.”

Charles Ferguson Davie, chief investment officer at Moorfield, said: “The UK nursing, dementia and care home market is marked by fragmented ownership and a severe demand-supply imbalance in the face of an ageing population. We see a major opportunity to create a market-leading portfolio with our joint venture partners Allegra Care, with both parties united in their vision in taking a customer-centric approach to operations that delivers high levels of care and comfort to residents.”

Business property advisor Christie & Co facilitated the sale. Rob Kinsman, regional director at Christie & Co, said: “This is a significant transaction in the elderly care sector and underlines investor appetite.”

Legal advice for the directors at Grove Care was provided RWK Goodman’s specialist health and social care team. Business advisor and accountancy firm Hazelwoods also advised the directors.

The portfolio was sold for an undisclosed price.