Elevation has announced it has raised £330 million for its elderly care property real estate investment vehicle, Elevation Healthcare Properties.

Initial equity commitments were used to seed the vehicle with over £400 million in care home properties and will provide equity for additional acquisitions.

Andrea Auteri, managing partner at Elevation, said: “We are excited to complete this fundraising and move our well-established EHP vehicle into its next phase of growth. EHP seeks to address the structural undersupply of high-quality elderly care beds in the UK to deliver positive social impact through the provision of modern, high-quality care environments. 

“These facilities are a vital part of the healthcare infrastructure fabric of the country and are designed to meet increasing environmental standards. This fundraising is testament to the successful alignment of Elevation with its investors and stakeholders, supporting both sustainable returns and the provision of high-quality elderly care.”

EHP owns 26 care home properties providing over 1,800 beds tenanted to six operating partners.

Approximately 90% of the assets include the latest standard of en-suite wetroom facilities, compared to the UK market average of approximately 25%.

EHP intends to deploy the capital raised to acquire and develop on a pre-let forward fund basis new properties with similar specifications.

Threadmark Partners Limited acted as advisor for the fundraising.