24th Jul 2015 07:26
LONDON (Alliance News) - Health and community care property provider Ashley House PLC said Friday it has received a proposal from a "significant, well-funded business" to acquire its interest in the National Health Service Local Improvement Finance Trust joint ventures.
The company is looking to secure funding for its growing Extra Care properties pipeline, and said it is currently considering offers for long term equity funding for its extra care schemes from "well respected investors."
Whilst the cash element of the offer for the LIFT joint ventures is "considerably lower than the book value", the company's directors consider the overall package to be attractive, as it would inject funds to help fund the Extra Care pipeline, and it would be able to continue to work in the LIFT venture as a service provider for the company that is acquiring its stake.
It has completed its first 60 apartment Extra Care project in Grimsby, Ashley House said. It has now started work on the next two projects in its pipeline, located in Essex, which it expects to generate revenues of around GBP21 million.
Ashley House will announce its full year results for the year to end-April in September.
Shares in Ashley House were down 6.7% at 7.48 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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