Tue, 07 Nov 2023 | COMMERCIAL PROPERTY
ELM Group, a property management firm based in Frimley, has expanded its portfolio of UK retirement properties with the acquisition of 1,368 units across 30 UK local authority areas. The formal sale process for the properties was facilitated on behalf of housing provider Orbit.
The deal takes ELM’s portfolio of properties in the South of England to 4,638. The newly acquired portfolio includes 1,178 private retirement leasehold apartments, 168 private retirement leasehold houses and bungalows and 17 general needs and shared ownership houses and bungalows, as well as five car parking spaces.
Contracts on the properties will be exchanged this week, with the properties to be transferred in three stages to ensure a “high level of attention” can be given to the transfer in order to make it as seamless as possible for leaseholders.
ELM Group Chief Executive Lorraine Collis said: "This is an incredible, significant time for ELM Group as we enter a period of the greatest expansion the organisation has seen in such a short space of time.”
"The acquisition has presented some challenges for the business and no doubt there will be more to come, however, ELM Group was built on a foundation of pioneering the retirement housing sector so we are perfectly positioned for ensuring the transition from Orbit to us is successful.”
"We've made the necessary changes to our corporate structure to ensure we can continue delivering the same service excellence we've become known for, with an honest, upfront, and ethical approach to property management."
Orbit group director of customer and communities Paul Richards added that the sale “supports our densification strategy and creates operational economies of scale across our wider portfolio."
Read about post-COVID M&A trends in the UK's care home sector
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