Highwood Care Home in Bideford, Devon

Elevation Development Partners (EDP), a real estate fund advised by Elevation Advisors LLP in partnership with PGIM Real Estate and prime elderly care operator, Care Concern Group (CCG), has completed the development and sale of three new-build care homes to Pierval Santé, a real estate fund of Euryale, a European asset manager.

EDP has developed six new purpose-built, high-quality care homes in total in partnership with developer-operator, CCG.

The sale of three of these care homes in Matlock, Bideford, and Newton Mearns follows the announcement of the sale of Valerian Court Care Home in Didcot in January 2023.

Mearns View Care Home in Newton Mearns, which opened in May 2023, comprises 67 wetroom ensuite beds and is well located near to a main route into Glasgow.

Highwood Care Home in Bideford, Devon, opened in July 2024 and has 67 wetroom ensuite bedrooms.

And Darcy House Care Home in Matlock, which opened in July 2024 with 78 wetroom ensuite beds, is well located between the city of Sheffield and Nottingham.

CCG continues to operate all the care homes developed by EDP, which offer 24-hour comprehensive care with facilities including cinemas, hairdressers, sensory gardens, and large social spaces for residents, staff, and local communities.

Yoad Hariely, investment associate at Elevation, said: “We are delighted to see the realisation of these projects in our investment joint venture, which is providing modern, high-quality care environments to undersupplied markets.

“This innovative investment partnering allows operators to incubate freehold developments on their balance sheet and retain development upside, while reducing their equity requirements, enabling efficient scaling of multiple developments at once.

“The sale of these care homes shows confidence in the UK healthcare real estate market and the value of quality accommodation for investors, as well as for residents, staff, and the local community.”