London lender breaks into Scotland with £40m care home deal

London real estate lender Fortwell Capital has provided a £40m revolving credit facility to Scottish care home developer Simply UK.

The credit facility will enable Simply UK to become the largest care home developer in Scotland, and marks Fortwell’s first deal in the country.

Initially the care provider will use £7.5m to develop a new 74-bed care home in the Bridge of Weir, with further plans to use the funds to target opportunities in England and grow its operational arm.

Arthur Jennings, managing director of Fortwell Capital commented: “Fortwell is delighted to be supporting Simply UK on their growth to becoming Scotland’s largest care home developer as it begins to build its operating arm.

“We have been impressed with Simply UK’s construction and development track record, and its future ambitions. The care home sector continues to be a key area of focus for Fortwell Capital, as the UK’s ageing population continues to drive demand for beds in this sector.”

Gary Sharp, managing director of Simply UK added: “Fortwell has been fully engaged and supportive from our first meeting.

“The team understands the care sector across the UK and has the capital available to make a difference to growing developers.”