Downing successfully exits six-year partnership with leading elderly care provider MACC Care
We are delighted to announce that we have successfully exited our six-year partnership with MACC Care, one of the UK’s leading elderly care providers.
The partnership with MACC Care, which operates a network of luxury care homes across the Midlands, saw Downing provide around £70 million in funding for acquisitions, refurbishment and development across six care homes that collectively provide 454 beds, including two with close care retirement living apartments, and two further development sites.
Overall, MACC Care – which was founded by two practicing doctors in 2004 – operates 13 care homes with more openings planned this year and employs 750 staff looking after 831 residents.
Downing first invested with Birmingham-based MACC Care in 2017 after identifying the company as a high-quality care home operator and developer. The management team is focused on strong growth, along with the objective of addressing the undersupply of high-quality care home beds.
The investment, structured across numerous transactions, has helped MACC Care to scale up and create an enviable estate of modern purpose-built care homes and has delivered attractive risk-adjusted returns for Downing’s investors during a low-interest rate environment.
Mark Gross, Partner and Head of Development Capital, Downing LLP, said: “Our six-year partnership with MACC Care marks a successful period for both of us. Throughout the partnership, we have been impressed by the quality and specification of the sites being developed as well as the level of care provided.”
“As a certified B Corporation, we are delighted to have helped develop a market-leading provider of elderly care, delivering much-needed fit-for-purpose care beds into the West Midlands market and created new local employment opportunities.”
“We wish the management and employees of MACC Care all the very best for the future as they embark on their next stage of growth”.
Downing LLP increases Whitehall Capital's funding line by 50% to fuel growth
Downing LLP is pleased to have increased its funding line to Whitehall Capital, a leading provider of bridge and development finance.
Downing has upsized the funding line by 50%. This development will result in a more streamlined borrowing experience, empowering the broker community and real estate investors to seize opportunities swiftly and efficiently, with even greater certainty of funds.
This increased funding line marks a significant milestone in Whitehall Capital and Downing’s joint efforts to meet the evolving needs of businesses seeking financial support. Downing first entered into a funding agreement with Whitehall Capital in 2022 to support its origination activities.
Anthony Bodenstein, Managing Partner at Whitehall, said “This expansion of commitments for Downing’s Wholesale Finance team is a testament to their successful collaboration with key industry players. As traditional lenders continue to pull back from the mid-market space, we see a sizeable opportunity to fill that funding gap and capture additional market share. The fact that we have been able to add additional wholesale funding sources in a time of material market uncertainty speaks to the quality of our underwriting and the strength of our network with brokers and borrowers, whose business we rely on to deploy capital safely.”
Nigel Alexander, Investment Director, Downing commented: “We are delighted to announce the expansion of our funding line with Whitehall Capital. We believe that by strengthening our partnership with Whitehall Capital, we can continue to make a positive impact on the business community, supporting their growth and success.”
Co-head of Healthcare Ventures John E. Milad comments on the Mansion House reforms
Downing’s Co-head of Healthcare Ventures, John E. Milad, recently spoke to Stephen Hansen, who is the Director of Biopharma Intelligence, about the recent Mansion House reforms.
Under the Mansion House Compact, the voluntary agreement unveiled last week between the government and nine of the largest U.K. defined contribution pension funds, the funds agreed to allocate at least 5% of investments specifically in unlisted equities by 2030.
John discusses the direction of pension fund capital against the backdrop of these crucial reforms.
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