Property asset manager bags £2.4m loan with OakNorth
OakNorth has provided a £2.4m loan to property asset manager Sire Properties.
Based in Hook, a small town and civil parish in the Hart district of northern Hampshire, Old Raven House has strong ties with the local community, with many communal rooms and a strong focus on group activities and interaction.
Even though there are 10 similar care homes (for example: without nursing) within six miles of the subject property, it has been 100 per cent occupied for the last decade with a waiting list for residents.
The home has been operated and managed by Mrs Anne Turner who will remain with the business post-acquisition.
Patrick Ryan, managing director of SIRE Properties, said: “Despite the fact that there are 10 care homes offering similar services to Old Raven House within a six-mile radius, the home has continued to see excessive demand for the last decade.
“This is a testament to the invaluable role it plays in the community and the exceptional job Anne has done in managing it for all these years.
“Priya and the team at OakNorth were incredibly supportive throughout the transaction - responses to queries were often provided within hours and we greatly appreciated being given the opportunity to make our case directly to the Credit Committee.”
Established in 2015, SIRE is a niche property asset manager focused on offering investors secure annuity income from real estate in the UK.
SIRE’s primary source of healthcare opportunities is dental property for which it has 19 freeholds, however growth into primary care, care home and other social infrastructure sectors is being realised.
Priya Harley, director of debt finance at OakNorth, added: “It is estimated that by 2025, there will be close to 14.3m people aged 65 or over in the UK, so the demand for care homes is expected to continue rising substantially.
“Old Raven House, which has seen 100 percent occupancy for the last decade, has become a central part of the Hook community and with SIRE’s support, the business will now be able to continue thriving for decades to come.”
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