Healthcare
Related media
2011 Annual Report
(PDF, 4.21MB)
14th July 2011
2010 Annual Report
(PDF, 3.30MB)
3rd June 2009
This market is set to benefit strongly from population demographics with an estimated additional two million people aged 65 or over by 2020. Of these, over 20% will need long-term care. This trend should lead to a corresponding rise in the number of elderly healthcare beds. As at April 2010, there were 474,000 UK care home places, with a 1.3% increase in supply in 2009, the first for 12 years. The average occupancy rates have been around 90% since 2002. With public sector funding cuts, it is predicted that the public/not for profit sector supply will fall 50% by 2020, providing a growth opportunity for the private sector. There is also an opportunity to improve services, with one in five care homes currently rated adequate or poor.
Quercus
Quercus was established in 1998 in partnership with Aviva Investors. We are the asset manager of the fund. The fund has generated ungeared returns of 10.5% (14.1% geared) and has been the top performing specialist fund in IPD for five years. It is currently the third largest private UK care home landlord with 238 properties, 34 tenants and 9,400 beds.
| 31 March 2011 | 31 March 2010 | |
|---|---|---|
| Quintain holdings | 11.22% | 14.94% |
| Assets under management | £744m | £680m |
| Capital invested | £51.8m | £57.2m |
| Income generated1 | £10.9m | £21.3m |
| Contribution to profits | £9.8m | (£3.7m) |
| Average lease length | 28 yrs | 29 yrs |
1Fee income plus share of joint venture
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