CENTRAL FIFE care homes have been sold in a deal worth £40 million.

Alexander and Craigie House, both located in Crossgates, as well as Fernlea House in Cardenden and Roselea House in Cowdenbeath, are part of the portfolio of 12 care homes from Kingdom Homes Ltd that were sold across Fife.

They were previously owned by Colin and Margaret Smart who made the decision to sell in order to retire from the care industry and focus on their hotel business.

The homes have been bought by Essex-headquartered, Holmes Care Group, with backing from investor, Impact Healthcare REIT - the companies' second venture together, taking Holmes Care Group’s offering to 21 homes in Scotland.

The portfolio was sold for £37.5m, with a potential deferred payment of up to £2.5m subject to the future performance of the home.

Craigie House was tragically hit with a Covid outbreak in December 2020 when six residents died after 39 positive cases were recorded.

Fewer than five Covid-linked deaths were recorded at Roselea House.

Martin Daw, senior director at Christie & Co, who handled the sale, said: “Kingdom Homes in Fife was established by Colin and Margaret Smart in 1984 and, over the years, has grown via acquisition and development of their own new builds.

"Despite some challenging years through the pandemic, the group has continued its strong reputation for delivering quality care in homes that, in the main, offer purpose-built accommodation.

"The geographical locations and quality were a perfect fit for the new operator, Holmes Care Group, and the deal completed in 12 weeks.

“As we move further into 2022, the demand for quality care businesses continues.

"Increased activity from funds across the world has fuelled activity for portfolio acquisitions, and we expect to see several groups sell across Scotland throughout the year, alongside continued demand for individual assets.”