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Barwood Capital’s Growth Fund IV acquires Guildford Care Home with Perseus Land & Developments


20th April 2020

Barwood Capital, the Northampton-based UK regional real estate investment and development specialist, and Perseus Land & Developments (“Perseus”), the developer and facilitator of bespoke residential accommodation for older people, have acquired Ashley House Care Home in Shalford, Guildford from private owners for £2.5 million for the Barwood Regional Property Growth Fund IV.

Ashley House is an existing, converted 32-bedroom care home on a 1.1-acre site which is due to close in 2020. A planning application is being prepared to replace this with a high quality, purpose-built 60-bedroom care home, which will provide much-needed residential, dementia, respite and palliative care for local people. 

Following on from the six sites previously acquired in Barwood Capital’s 2017 Growth Fund, this acquisition is the Growth Fund IV’s first care home opportunity to be acquired in partnership with Perseus. The Growth Fund IV is a five-year closed ended fund with a target investor IRR of 13-15% per annum that is investing in UK regional property and has so far raised £49 million. Perseus has a remit to acquire a portfolio of care home and senior living assets into the Fund.

Andrew Barlow, director, head of asset management, Barwood Capital said: “We identified the care home and retirement living sector as one where there are opportunities to invest with the social benefits of improving senior living accommodation within local communities. This property is in a strong, well-connected location where demand for care home space is high. Perseus’ ability to identity such acquisitions through its network is impressive. Despite the challenges being faced with the Covid-19 crisis, we maintain our commitment to play a part in providing investment and regional jobs.”

Duncan Ford, managing director, Perseus Land & Developments added: “In the immediate locality of Ashley House, there is currently a shortfall of over 100 bed spaces. Guildford features heavily on the requirement lists of many national care home operators with whom we are in touch. This acquisition is an excellent example of the off-market deals we source in prime locations, and of our ongoing ability to acquire unconditionally-on-planning at a significant discount where the risk profile of the opportunity dictates. As we prepare our planning application, at the appropriate time, we look forward to talking through our plans with the local community.”

Christie & Co and Shoosmiths LLP acted for the purchaser.

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