Simply UK aims to become Scotland’s largest care home developer following a £40m credit facility courtesy of real estate lender, Fortwell Capital.
The deal, which is Fortwell’s first in Scotland, is the real estate lender’s third focused on the care home and retirement living market in 2019.
Arthur Jennings, Managing Director of Fortwell Capital, said: “Fortwell is delighted to be supporting Simply UK on their growth to becoming Scotland’s largest care home developer as it begins to build its operating arm. We have been impressed with Simply UK’s construction and development track record, and its future ambitions. The care home sector continues to be a key area of focus for Fortwell Capital, as the UK’s ageing population continues to drive demand for beds in this sector.”
Simply UK will use an initial £7.5m from the loan to fund the development of a 74-bed care home in the Bridge of Weir (pictured).
The developer will also use the loan facility to target prime opportunities as well as the growth of its care home operating arm, as it looks to manage some of its care home developments.
Fortwell, which has £135m worth of facilities to support care home and retirement living development, is committed to supporting the delivery of over 1,600 beds in the UK over the next three years.
Gary Sharp, Managing Director of Simply UK, said: “Fortwell has been fully engaged and supportive from our first meeting. The team understands the care sector across the UK and has the capital available to make a difference to growing developers.”