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Igal Ahouvi, an Israeli investor well-known within the UK property market – most notably for owning a majority stake in the Hilton portfolio of 16 hotels, bought back in 2005 – has re-entered trading after a five-year absence. The hiatus was likely related to the loss made when his partnership with Delek Real Estate and Quinlan Private went into administration in 2011 – the partnership purchased a portfolio of 47 Marriot Hotels in 2007, at the top of the market, for £1.1bn.
It is no secret that the UK care home market is woefully undersupplied, and any investors with the correct knowledge and funds will likely reap the available rewards. Ahouvi is one of these investors, and has proved his confidence in the market by purchasing a portfolio of 15 care homes in London and the South East for £79m, from a private investor. He has also indicated that there is an additional £200m ready for further investment in the sector when the opportunity arises.
Ahouvi will be refurbishing the 15 properties. Care homes are valued using the profits method, so the purchase price is directly related to the profit they produce. Therefore, refurbishing and adding bedrooms and services to the existing homes will immediately add value.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.