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.”
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.