A consortium led by Israeli billionaire Igal Ahouvi has bought 13 properties from LRH Homes in a £70m deal.
Israel-based Golden House Ltd and Ravad Ltd, which is backed by Mr Ahouvi, purchased the homes in a deal carried out by Christie & Co.
Golan Rubinstein, director of Golden House Ltd and Arnon Rubinstein, director of St Cloud Care, who will lead the day to day operations of the homes, commented: “This acquisition is an ideal investment to add to our growing portfolio of real estate care homes. LRH Homes has been built as a family business with a clear set of values and ethos and we look forward to working with the staff to further develop and grow the company over the long term.”
Golden House and Ravad own and operate St Cloud Care, which has six homes in Surrey, Oxfordshire and Worcestershire.
Mr Ahouvi announced in January that he was targeting £300m worth of care home investments in the UK (see Israeli billionaire targets ‘immature’ UK care market).
The deal follows Christie & Co’s sale of two LRH care homes in December to Agincare (see Christie & Co sells two care homes to Agincare).
Max Broadbent, director at Colliers International, who led the transaction, said: “There are a number of excellent family operated care home groups which have been built up over many years and for the right opportunities, demand is high.
“The care home sector continues to provide a strong long term investment based on sound fundamentals and we expect to see continued consolidation in the mid- market. I have no doubt that the new owners will continue to expand and grow, which is great news for residents and staff alike.”