UK social care and support services provider CareTech Holdings PLC announced that it has landed 32.6 million pounds ($42.9 million) in cash via a ground rent deal with real estate investment trust Alpha Real Capital LLP.
Under the transaction, the freehold interest in 24 CareTech properties, located across England and Scotland, will be transferred to Alpha.
With the funds, CareTech will further advance its growth strategy as well as boost its capital for investments.
In 2016, CareTech closed on its first ground rent deal with $39.5 million which was invested in earnings enhancing acquisitions.