Evolve Estates, part of the M Core commercial property investment collective, has expanded into the private healthcare sector with the acquisition of two private hospitals in Diss, Norfolk, and Scunthorpe, North Lincolnshire. The acquisitions, on behalf of Leathbond Limited and LCP Securities, mark a strategic move as Evolve diversifies into high-growth sectors.
The company has acquired a fully operational private hospital in Scunthorpe and a facility in Diss with opportunities for further development. Both hospitals will operate under a sale-and-leaseback arrangement with Trent Cliffs Private Healthcare Limited (TCPH).
Meridian House, Scunthorpe
The Scunthorpe property, Meridian House, is a private healthcare and rehabilitation facility spanning over 30,800 square feet. TCPH is currently refurbishing its first floor to establish a high-quality care and rehabilitation space, which will be sublet to Revitalise Care Limited. Plans are also underway for an additional floor, which, subject to planning approval, will provide an extra 15,000 square feet dedicated to NHS rehabilitation beds, addressing rising demand for healthcare services in the area.
St John’s House, Diss
In Diss, Evolve Estates will manage St John’s House, a property leased by TCPH and jointly operated by Revitalise Care Limited. TCPH plans to invest in bespoke operating theatres and recovery rooms, enhancing the hospital’s capabilities and broadening its patient services.
Expanding into Growth Sectors
Over the past 12-18 months, Evolve Estates has prioritised investments in sectors with strong growth potential. This new focus on private healthcare reflects an evolving strategy to diversify its portfolio.
Dan O’Keefe, Co-Founder of Evolve Estates, remarked, “Our entry into private healthcare with these two outstanding facilities aligns with our broader investment strategy. Expanding into healthcare complements our solid retail foundation and positions us to benefit from high-growth sectors. We are excited to work closely with the operators to ensure these facilities meet the healthcare needs of local communities.”
O’Keefe also acknowledged the support from their team, as well as Andrew Cooper at Clarke Wilmott and Jim Remfry at DTRE, in bringing the acquisitions to fruition.
Collaborative Asset Management
The assets acquired for Leathbond and LCP Securities reflect Evolve Estates’ commitment to a unified asset management approach, with the two companies already benefiting from Evolve’s extensive portfolio management experience.
The acting agents for Trent Cliffs Private Healthcare on these acquisitions were Peter Arduino and Matt Chambers of Arduino Chambers.
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