ExtraCare clinches pension fund deal with BAE

Care village builder Extra Care Charitable Trust has secured a 15-year, £35m pension fund deal to support its growing business.

The additional funding through BAE Systems Pension Funds Investment Management Ltd (BAPFIM) partly repays a recently announced £150m refinancing deal with Lloyds Bank while increasing ExtraCare’s total funding to £155m.

Chris Skelton, finance director at The ExtraCare Charitable Trust, said: “We are delighted to receive this new funding from BAE. It gives us additional flexibility and support for growth and the capabilities to pursue a pan-regional expansion plan which will see us grow our presence within the Midlands, as well as further south to Buckinghamshire and South Gloucestershire.”

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The latest deal, which is expected to create 150 jobs, will be used to support ExtraCare’s three-year growth plan, which includes construction of a retirement village in Longbridge, in addition to its four villages in Birmingham (including Bournville Gardens pictured) and a further village planned in Solihull.

David Cryer, Senior Portfolio Manager at BAPFIM, said: “We are extremely pleased to provide this new tranche of funding to ExtraCare, which reflects our commitment to the housing and not-for-profit sectors. We look forward to continuing our excellent relationship with ExtraCare and seeing the charity achieve its near-term growth plans.”

Coventry-based ExtraCare owns 4,020 mixed-tenure care homes in 31 retirement villages and schemes.

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