Kingdom Homes, a portfolio of 12 care homes in Fife, Scotland, has been sold through Christie & Co.
The portfolio was sold for £37.5m, with a potential deferred payment of up to £2.5m subject to the future performance of the homes.
The 12 Fife-based homes, which comprise 480 beds, were previously owned by Colin and Margaret Smart who made the decision to sell in order to retire from the care industry and focus on their hotel business.
With backing from investor, Impact Healthcare REIT, the portfolio has been purchased by Essex-headquartered, Holmes Care Group. This is the companies’ second venture together, taking Holmes Care Group’s offering to 21 homes in Scotland.
Martin Daw, Senior Director at Christie & Co, who handled the sale, commented, “Kingdom Homes in Fife was established by Colin and Margaret Smart in 1984 and, over the years, has grown via acquisition and development of their own new builds.
'Despite some challenging years through the pandemic, the group has continued its strong reputation for delivering quality care in homes that, in the main, offer purpose-built accommodation.
'The geographical locations and quality were a perfect fit for the new operator, Holmes Care Group, and the deal completed in 12 weeks.
“As we move further into 2022, the demand for quality care businesses continues. Increased activity from funds across the world has fuelled activity for portfolio acquisitions, and we expect to see several groups sell across Scotland throughout the year, alongside continued demand for individual assets.”