Citrus teams up with Apollo to land £100M portfoilo
Citrus Group, the specialist property development and investment group, has completed the freehold acquisition of 15 Care Homes in Northern England for £95.5 million through a joint venture with Apollo Real Estate, the international real estate fund manager.
The Homes have been bought from Southern Cross Healthcare Group PLC, owner of the successful Ashbourne Senior Living and Southern Cross brands who operate over 36,000 beds nationwide. Southern Cross will operate the homes under a thirty-year lease agreement.
The joint venture plans further investments in this market with the aim of creating a strong strategic position in a market they have identified as having major growth potential.
Anton Curtis, Managing Director of Citrus Group, commented: “When we formed Citrus Group this year from Roselodge Group our aim was to focus on some key diversified growth markets such as the Healthcare Sector. This is the first acquisition in a strategic plan to expand our holdings in this growing sector. We have a further agreement with Southern Cross to enable us to add a further 2,000 beds to our portfolio over the medium term.”
William Benjamin, Managing Director of Apollo Real Estate Advisors in Europe, commented: “Apollo are delighted to announce our first transaction with Citrus. We believe that the fundamentals of the Healthcare Sector are strong and the joint venture is pleased to acquire a portfolio with Southern Cross as operator.”
PROPERTY PART-EXCHANGE THROUGH CITRUS
Citrus now offers the provision of property part-exchange to house builders. We have been particularly active in the retirement market and have facilitated and enabled a number of individuals moving from their existing properties into new retirement homes through the process of part-exchange.
CITRUS TEAMS UP WITH APOLLO TO LAND £100M PORTFOLIO
Citrus Group, the specialist property development and investment group, has completed the freehold acquisition of 15 Care Homes in Northern England for £95.5 million through a joint venture with Apollo Real Estate, the international real estate fund manager.
CHELTENHAM
Detailed planning consent has been obtained for a 78 Bed Care home in Cheltenham.
