The joint venture between Allegra Care and Moorfield Group has acquired a further four high quality care homes, adding an additional 183-beds to the JV's portfolio.
The assets have been acquired from family-run Grove Care in Bristol and South Gloucestershire. Financial details of the deal were not disclosed.
Virgin Money acted as the debt provider for the transaction.
Charles Ferguson Davie, CIO of Moorfield, said: ‘The UK nursing, dementia and care home market is marked by fragmented ownership and a severe demand-supply imbalance in the face of an ageing population.’
‘As demonstrated by today’s announcement, we see a major opportunity to create a market-leading portfolio with our joint venture partners.’