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Moorfield/Allegra £125m elderly care JV makes first acquisition

Fund manager Moorfield Group and care home operator Allegra Care have jointly acquired privately owned nursing home group Sentinel Health Care in the UK.

Moorfield has acquire its stake in the business on behalf of Moorfield Real Estate Fund IV.

Sentinel owns a portfolio of five operational nursing homes providing 200 beds, located across Hampshire in southern England. Four of the homes are focused on nursing care and one on providing dementia care.

The acquisition is the first since the partnership between Allegra Care and Moorfield was established in 2020. The two firms aim to create an initial £125 million (€144 million) portfolio of modern nursing and dementia care homes across Central and Southern England. The partnership is targeting newly developed homes and operational assets, including those with asset management potential such as the Sentinel Heathcare acquisition.

The acquisition was supported by Allied Irish Bank (AIB) as debt provider. Allegra Care and Moorfield were advised by CBRE, BCLP and Menzies while Sentinel Healthcare was advised by Savills, Royds Withy King and Hazlewoods.