Home Property Elevation Completes Two Transactions With Torwood

Elevation Completes Two Transactions With Torwood

by Kirsty Kirsty

Elevation Advisors LLP (“Elevation”) is pleased to announce that Elevation Healthcare Properties (“EHP”), a real estate fund advised by Elevation, has completed the acquisition of a 60-bed, modern purpose-built care home in Ormskirk, Lancashire, which will now be operated by Torwood.  Additionally EHP, has completed the acquisition of land and a forward-funding agreement to support the development of a state-of-the-art, 61-bed care home in Huddersfield to be developed and subsequently let to Torwood.

The operating care home, Abbey Wood Lodge in Ormskirk, is built to best-in-class standards with full en-suite wetroom provision and has strong environmental performance with an EPC A Rating.  In line with EHP’s existing strategy, the property is let to Torwood on a long-term lease with RPI-linked escalator with cap and collar.

Torwood is a leading care operator with two operating care homes and more than five developments under construction, led by experienced management team in partnership with specialist contractor Torsion.  The new development at Huddersfield has been designed to incorporate best-in class environmental technology, eradicating gas from its design to dramatically reduce carbon emissions.  The development is working to achieve a biodiversity net gain in excess of 10% on the site and targeting an EPC A rating.

Martin Hutson, Director of Torwood said: “We are delighted to have agreed the lease on the operational 60-bed care home at Ormskirk and the forward fund on the 61-bed care home at Huddersfield with the team at Elevation.  These two schemes will further strengthen our existing care home portfolio and provide much needed high-quality care for local people.  All the Torwood portfolio consists of EPC A and BREEAM excellent-rated homes, which provide high levels of sustainability and carbon reduction.  This aligns strongly with our fund partners’ strategy and we will continue to innovate the development of our homes to deliver some of the most modern and carbon efficient care homes in the sector.  Our thanks to the Elevation team for all their support, advice and assistance in supporting our business.”

James Giles, Investment Director at Elevation said: “We are thrilled to begin our partnership with Torwood by adding two homes into the portfolio, as we continue deployment of EHP.  Abbey Lodge Care Home will be operated by a team who are committed to high-quality care and engaging with their community; the new care home in Huddersfield will be built to exceed the latest environmental standards and serve the needs of the local area.  Torwood’s strategy for progressing ESG and sustainability is strongly aligned with that of Elevation and our aspirations of operationally net zero assets, taking steps to reduce carbon emissions as much as possible through the integration of alternative technologies.  We are thrilled to support their business growth.”

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