Glasgow-based real estate developer Simply UK has secured a €40m investment to expand and develop its recently launched care home and retirement living division, Morar Living.
The funding, which is subject to a non-disclosure agreement, will bring a further investment injection into the business, in addition to the around £50m the business has received over the past two years. It will be used to facilitate further expansion of the Morar Living portfolio of luxury state-of-the-art care homes in Scotland and across the rest of the UK.
Gary Sharp, Managing Director of Simply UK, said: “With the backdrop of Brexit, securing overseas investment is an enormous shot of confidence in the Scottish healthcare and senior living market.
“This additional funding highlights the continued confidence that investors have in our business. It will provide the necessary finance to enable Simply to launch, sustain and develop high quality care homes through Morar Living. We aim to secure further funding in the region of £100m over the next two years.
“The sector continues to be a key growth area, as the UK’s ageing population continues to drive demand for more quality care homes and beds in this sector.
“Our aim is to develop exemplary new care homes, which provide safe and secure environments for our residents, to enable later life to be lived to the full.”
Simply has ambitious growth plans and is now Scotland’s largest care home developer and is targeting having more than 1,000 beds across the UK by the end of 2022, with 350 beds coming to the market in 2021 and a further 500 beds during 2022.
Morar Living currently has more than 200 beds over three new care homes in Scotland – Castlehill in Inverness (pictured), which opened earlier this year and Harbour House in Musselburgh and Bridge of Weir in Renfrewshire – which are scheduled to open in the coming weeks. A further three care homes are currently under construction at Perth, Stirling and Helensburgh and the group continue to work on a further 1,000 beds throughout the UK.