Evolve Estates enters private healthcare sector as it acquires two private hospitals

Evolve Estates, part of commercial property and investment collective, M Core, has acquired two private hospitals in Diss and Scunthorpe on behalf of Leathbond Limited and LCP Securities as it enters the private healthcare sector.

The company has acquired an existing operational private hospital in Scunthorpe and a private hospital with development opportunities in Diss, through a sale and leaseback to Trent Cliffs Private Healthcare Limited (TCPH). 

Meridian House, Scunthorpe, provides private healthcare and rehabilitation which has facilities spanning over 30,800 sq ft. TCPH is currently in the process of refurbishing the first floor to provide a high-quality care and rehabilitation facility that will be sublet to Revitalise Care Limited. TCPH is also set to obtain planning permission for an additional floor to cater for NHS rehabilitation bed demand. This will add a further 15,000 sq ft to the property.

Evolve Estates will also manage St John’s House, Diss. The property will be leased by TCPH and jointly operated by Revitalise Care Limited, another TCPH company. Furthermore, TCPH will be committing significant investment into the property to deliver bespoke operating theatres and patient recovery rooms to further the hospital offering.

The team has been targeting investment into new sectors over the last 12 to 18 months, having highlighted the strong head wind opportunities in the healthcare sector.

Dan O’Keefe, Co-Founder at Evolve Estates, said: “We are pleased to announce our entry into the private healthcare sector with the acquisition of these two exceptional private hospital facilities. This strategic move aligns perfectly with our vision and diversification of our portfolio alongside our keen investment opportunities in high-growth sectors.

“We have built our existing estate from a strong retail lead foundation, but as with any expanding business there is a need to ensure a balance across stimulating sectors. We look forward to continuing our expansion into alternative divisions, but most importantly working closely with the operators to ensure these facilities continue to serve the local community and surrounding areas.

“We’re confident that partnering with Trent Cliffs Private Healthcare will not only continue to deliver significant value for the property itself but will also contribute to the delivery of high-quality healthcare services in these communities.

“Many thanks to our inhouse team, Andrew Cooper at Clarke Wilmott, and of course Jim Remfry at DTRE for acting for us on these exciting acquisitions.”

Property investment companies, Leathbond and LCP Securities, both have assets managed by Evolve Estates, reflecting a unified approach to asset management and investment strategy across the wider business.

Acting agents for Trent Cliffs Private Healthcare were Peter Arduino and Matt Chambers at Arduino Chambers.