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Welltower, the US healthcare REIT, has agreed a development partnership with Quantum Group. This deal will provide Welltower the exclusive option to acquire £250 million of Quantum’s development pipeline, through its Encore Care Homes subsidiary.
The strategic partnership between Welltower’s global scale and expertise with Quantum’s regional knowledge, development experience and operational excellence will support the delivery of first-class healthcare communities in a market with a considerable undersupply of quality care services.
Eamonn Meadows, associate director, JLL, said: “We are thrilled to have assisted our client to secure a lucrative development partnership with Welltower. The first acquisition in this deal demonstrates renewed confidence in the UK elderly care market, particularly in purpose-built care homes with superior operating performance.”
The first transaction in the deal to take place is a 60-bed private pay focused care home located on the south coast of England. Welltower acquired the home, which opened in 2013, in a sale-and-leaseback deal for £13 million.
JLL played an instrumental role in facilitating the partnership with Welltower for its client Quantum Group, and managed the first sales process through to the point of completion, including negotiating terms and mediating on legal, financial and property matters.
Julian Shaffer, managing director of Quantum added: “The partnership perfectly aligns our organisations’ belief that by placing customer needs at the heart of our businesses, we can create life-affirming places to take care of the generations which hitherto cared for us, whilst delivering long-term economic value and growth.”
Jason Myers, Welltower observed: “With JLL’s support, we were able to establish a partnership with Quantum that will yield strategic benefits to both businesses for years to come. JLL’s perspective, clarity and flexibility at critical moments of the process significantly contributed to getting the transaction to completion successfully.”