Morgan Sindall creates extra care JV

Morgan Sindall Investments (MSIL) has agreed a 50-50 joint venture partnership to enter into the extra care housing market.

The firm has agreed a deal with health and community care property developer Ashley House, which will be called Morgan Ashley Care Developments (MACD).

Under the agreement, MSIL will acquire the 50% stake in the new entity for cash, while Ashley House will transfer its pipeline of extra care, care and supported living schemes, which have a developed value of £200m.

“Following the recent changes announced in the Budget, which signalled a positive shift in social care policy, extra care represents a significant growth opportunity for both partners,” they said.

MACD aims to deliver the pipeline of extra care housing at an increased pace and scale, “through the support and broad capabilities of the wider Morgan Sindall Group”.