Care home developer and operator Simply UK has secured a £12.4 million loan from Fortwell Capital.
The loan will be used to power the construction of a new 83-bed purpose-built care home in Stratford-upon-Avon, Warwickshire, and marks a milestone for Fortwell Capital, which has now funded 50 UK care homes since 2014 and over 3,500 care beds across five separate facilities.
Gary Sharp, managing director of Simply UK, said: “Fortwell Capital’s expertise and support has been incredibly valuable to the growth of our portfolio, and we’re pleased to be continuing that relationship as we progress our pipeline in England.
“The team’s professionalism and unique understanding of the care sector enabled us to transact quickly on Stratford-upon-Avon, and we can now direct our focus to delivering a brilliant new Care Home scheme in the heart of Warwickshire.”
The new home is the sixth Simply UK scheme that Fortwell has funded as part of its £40 million revolving credit facility with the developer, which was initially agreed in July 2019 and extended in January 2021 to accommodate this new tranche.
Since 2014, Fortwell Capital has lent over £350 million to purpose-built Care Home and Retirement Living developers and creating over £570 million of value within the Senior Living sector.
Nick White, Associate Director, Fortwell Capital commented: “UK care home development continues to be a cornerstone of Fortwell’s lending strategy as the underlying demographics statistics highlight how drastically the number of new care beds needs to be increased in the coming years. Covid-19 has shed further light on the shortage of quality care home space in the UK, which developers like Simply UK are working to correct.
“The extension of our relationship with Simply UK is testament to the team’s exceptional track record of delivering and operating high-quality care homes, and we’re looking forward to working with them on future projects.”