Close Venture Management realizes care homes

Close Brothers Venture Capital Trust has sold its specialist care home investments to Active Care Partnerships. CBVCT is realizing £14m which represents a total annualized return of 25% on the fund’s investments.

Since June 1998, CBVCT has invested a total of £9.9m in secured loans and equity to develop 178 places for people with learning difficulties across five high quality, purpose-built freehold homes in East Anglia.

The fund pursues a progressive dividend policy by using profits generated both from revenue and disposal of investments. The board will pay out total dividends in respect of the year to 31 March 2004 of 8.5 pence per share, up from 8 pence in 2003 and 7.5 pence in 2002. As a result of the sale, the preliminary unaudited new asset value of CBVCT at 31 March 2004 was 113 pence per share after allowing for the total dividends for the year.