AMP Capital, on behalf of investors in its global infrastructure equity strategy, has agreed, alongside management, to acquire 100 per cent of The Regard Group from Montreux Healthcare Fund PLC and Macquarie Principal Finance.
The Regard Group (“Regard”), founded in 1994, is the fourth-largest specialist care provider in the UK. The group provides a range of services to those with Learning Disabilities and Mental Health needs including residential care, supported living, outreach support services and day resource centres.
Regard currently has 161 services and 1,186 beds across the UK, with a focus on England and Wales. Regard provides high quality care, with approximately 93 per cent of its sites rated either ‘Good’ or ‘Outstanding’ in inspections by the Care Quality Commission in 2017.
Julie-Anne Mizzi, Global Head of Infrastructure Health at AMP Capital, said: “Regard is an excellent investment for AMP Capital’s global infrastructure strategy. It has a strong existing management team, offers stable cashflows, and has industry-leading occupancy levels. In addition, the freehold ownership of its properties mean they can be tailored to meet local needs, which can support the UK Government’s objective of providing quality care closer to home. The strong focus on quality of care at Regard was a critical factor for us given the important social role it plays in the community, and we are committed to continuing to deliver a high standard of care.
“Current demographic trends in developed markets mean that the need for investment in social infrastructure and healthcare is growing. Our team’s expertise and experience in this sector and established track record of responsible investment, demonstrated by our market-leading ESG performance, make us well-placed to manage and develop an asset of this significance in the UK care sector.”
Sandie Foxall-Smith, Chief Executive of Regard, said: “We could not be more delighted with our incoming partners. Their philosophy and ethos mirrors all the Regard values, and their commitment to staff, quality and growth is incredibly exciting. Carole Edmond, Managing Director of Regard, and I are delighted with this new chapter in Regard’s future.”
AMP Capital has a strong heritage of social infrastructure investment and ownership in Australia and New Zealand and also owns two Primary Care Centres in Ireland. In August 2017, AMP Capital hired Ruben Bhagobati, Principal, from Goldman Sachs where he was a Managing Director and head of the bank’s healthcare business in South East Asia and Australia, to bolster its presence in the European healthcare sector.
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About AMP Capital
AMP Capital is a specialist investment manager with A$178.9 billion in funds under management as of 30 June 2017 and more than 250 investment professionals. AMP Capital has a heritage and strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. It is a subsidiary of AMP Limited, which was established in 1849, and is one of Australia's largest retail and corporate pension providers.