Specialist provider of extra care acquires seven schemes
Trowers & Hamlins has advised Housing 21 on the acquisition of 427 extra care homes across seven schemes in London from Notting Hill Genesis.
Housing 21 is a leading, not for profit provider of Extra Care and Retirement Living for older people of modest means. They operate in 240 local authority areas, managing over 22,000 properties and providing over 38,000 hours of social care each week.
This was a large and complicated portfolio which required advice from several specialist areas including property due diligence, employment and pension advice. In addition, a number of care contracts with local authorities were novated to Housing 21 to ensure the transfer was seamless to residents.
The deal marks the largest transfer of extra care in the sector in recent years.
The team was led by Rebecca Gibson with support from Jeremy Hunt, Hannah Jackson (due diligence), Rebecca McGuirk (employment) and Martin McFall (pensions).
Managing Associate Rebecca Gibson commented:
"We are really pleased to have advised on this landmark deal that helps Housing 21 expand its geographical reach and continue in its mission of providing much needed Extra Care and Retirement Living housing."
Tony Tench, Deputy Chief Executive at Housing 21, added:
"This transfer of property and care services from Notting Hill Genesis is particularly exciting for us, as we expand into London, where there is a real need to improve and increase the provision of Extra Care housing for those older people who need it most. With our proven track record of providing high-quality housing with support or care for older people, we’re well placed to take on additional Extra Care and Retirement Living schemes, allowing general needs providers to focus on their core business. We are all operating in a challenging economic environment right now and as a sector we all need to play to our strengths to provide high quality homes and services for our residents. We’re really pleased to have worked with Trowers and Hamlins on this important acquisition."