UK law firm Shoosmiths has advised Moorfield Group, private equity on its £125m partnership with Allegra Care, the specialist care home operator owned by Seniors Living Group.
The partnership, structured by way of a corporate joint venture, will build a portfolio of nursing and dementia care homes, focusing on investments in central and southern England and is a logical extension to Moorfield’s demographically driven investment strategy. The partnership will seek to acquire both operational assets, including those offering asset management potential, alongside newly developed homes.
Moorfield will initially be investing on behalf of Moorfield Real Estate Fund IV. Allegra Care will be responsible for originating and operating the assets and will also invest in the partnership, which is targeting a portfolio of 15 - 20 homes over the medium term.
Corporate partner James Foster and real estate partner Simon Meek led a multi-disciplinary Shoosmiths team in corporate (Simon Procter and Natalie Hager), commercial (Alex Kirkhope and Heather Stark), real estate (Simon Meek and Charles Jackson) and regulatory (Sam Tyfield).
James Foster said: “We are delighted to have advised Moorfield on the partnership with Allegra on this important diversification investment. The Shoosmiths team has worked incredibly hard together with Moorfield and the wider advisory teams to deliver a complex transaction, in a short time period – it has been a fantastic team effort.”
Simon Meek said: “For some years now Shoosmiths have been heavily involved in the Later Living sector, so we’ve been really pleased to have a role to play in the launch of this dynamic new partnership – we wish them every success.”
Moorfield was also advised by PwC and Connell Consulting. Allegra Care was advised by Farrer & Co.