After exiting its relationship with U.S. long-term care giant Genesis HealthCare, Ohio-based real estate investment trust Welltower now plans to develop the “next generation” of care homes in the United Kingdom.
The company announced Tuesday it has formed a long-term strategic partnership with UK-based investment company Reuben Brothers. The investment company is part owner of Avery Healthcare, which has a portfolio of 65 care homes and assisted living facilities throughout the UK.
“Reuben Brothers share our vision and excitement for the unprecedented multi-year growth opportunity in the seniors housing sector in the UK and the US, and we look forward to working alongside their team to expand our relationship,” said Shankh Mitra, Welltower CEO and CIO, in a statement.
“While many investors appropriately remain on the sidelines due to a near-term focus on COVID-19, the exponential multi-decade growth of the seniors population has begun after a period of anemic population growth during the last decade,” he added.
Welltower last year terminated its master lease with Genesis in a massive $880 million deal.
The company reported during a fourth-quarter earnings call Wednesday that over the course of 2021 it had completed $458 million of long-term post-acute care holdings. As a result, its post-acute care portfolio now represents just 5.2% of its total in-place net operating income.
