Yorkshire Care-Home Builder Lawrence Tomlinson Secures £1.1bn Sale to US REIT

Lawrence Tomlinson’s LNT Care Developments Holdings, a leading Yorkshire care-home builder, has struck a £1.1 billion agreement with US REIT CareTrust REIT to sell 45 properties across the United Kingdom. The transaction covers 24 homes finished within the last two years and 21 projects still under development, with payments of £576 million for the existing assets and £504 million upon completion of the new sites. As part of the arrangement, LNT granted CareTrust an option to purchase the whole LNT platform in the future, and both firms are discussing further joint structures.

Tomlinson, who also owns the Ginetta racing car company, highlighted the partnership as a strategic move to address the acute shortage of modern, purpose-built care homes in the UK. CareTrust’s executives said the acquisition will boost the quality and configuration of its UK portfolio and target mid-to-high-7 percent yields over the long term.