Omega has released a statement following its acquisition of Four Seasons’ remaining care homes.

The acquisition took place on 25 April. Four Seasons Health Care Group (“Four Seasons”) had 47 remaining homes. The full 47 home portfolio was purchased at a valuation of £241,750,000.

Gold Care has acquired two homes and Omega has acquired the remaining 45 care homes which will be leased to six operating partners under triple-net leases. The operators include Gold Care, Harbour Healthcare, Springcare, Belmont Healthcare, and Jersey-based LV Group.

As a US-based group, Omega has approached the Four Seasons deal in line with their existing investment in UK care homes – accretive investment opportunities which further diversify Omega’s asset classes and funding streams. The UK remains a good investment opportunity given the demographics and funding resiliency, and although cost increases like NI pose challenges, they are manageable.

Real estate investors also tend to be very focused on type A buildings, however one Omega spokesperson pointed out that the huge amount of demand means that well looked after mid-market homes, particularly purpose-built homes which comprised most of the Four Seasons portfolio, still have long remaining useful lives to deliver safe and effective care to elderly residents.

Vikas Gupta, Omega’s Chief Investment Officer, said: “We’d like to thank the Four Seasons team for their professionalism throughout the process, and partnership in overcoming numerous hurdles involved in such a complex transaction, as well as our six operating partners who were very flexible in ensuring a single closing despite different regulators across three countries.

“As a result of our scale, reputation, and strong operator base across the UK, we’re able to quickly evaluate, structure, and close on complex transactions like the Four Seasons portfolio, which was completed in less than 6 months from award. We’ll continue to support our operating partners’ growth strategies and look forward to continued investment in the UK.”

Christie & Co advised on the process on the buy-side while CBRE advised on the sell-side. Amongst others, Mills & Reeve advised Four Seasons, led by health and care M&A lead Julian Smith and principal associate Charlotte Bull.