Elevation Development Partners (EDP), a real estate fund advised by Elevation Advisors in partnership with PGIM Real Estate and elderly care operator Care Concern Group (CCG), has completed the development and sale of three new-build care homes to Pierval Santé, a real estate fund of Euryale, a European asset manager.

The three care homes are:

• Mearns View Care Home in Newton Mearns, East Renfrewshire, which opened in May 2023, and comprises 67 wetroom en suite beds.
• Highwood Care Home in Bideford, Devon, which opened in July last year and has 67 wetroom en suite beds.
• Darcy House Care Home in Matlock, Derbyshire, which opened in July last year and has 78 wetroom en suite beds.

CCG continues to operate all the care homes, which offer 24-hour comprehensive care, with facilities including cinemas, hairdressers, sensory gardens and large social spaces.

Yoad Hariely, investment associate at Elevation said: “We are delighted to see the realisation of these projects in our investment joint venture, which is providing modern, high-quality care environments to undersupplied markets. This innovative investment partnering allows operators to incubate freehold developments on their balance sheet and retain development upside, while reducing their equity requirements, enabling efficient scaling of multiple developments at once. The sale of these care homes shows confidence in the UK healthcare real estate market and the value of quality accommodation for investors, as well as for residents, staff and the local community.”

EDP has developed six new purpose-built care homes in total, in partnership with CCG.

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