OakNorth provides £19.5m loan to care home operator

OakNorth has provided a £19.5m loan to Care Concern Group.

The care home operator — which has 44 sites and a further 13 in development — will use the loan to refinance its existing debt package to facilitate a sale and leaseback with Alpha Real Capital.

“The UK population is ageing rapidly, with the number of people over the age of 85 years old forecasted to more than double in the next 20 years,” said Manpreet Johal, CEO at Care Concern Group.

“A substantial minority of this age group will need some form of residential care, which can only be provided in a care home or hospital.

“It is with this in mind that our focus is firmly on raising the standards within the care sector.”

Deepesh Thakrar, senior director of property finance at OakNorth, added: “With an average occupancy rate of 90%, Care Concern Group continues to be a well-regarded and popular care home operator.

“We expect the group’s portfolio to continue to grow and look forward to working with them on future projects.”

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