The NHP Portfolio comprises 294 nursing homes located within the UK with a total of 14,717 beds. There are approximately 232 purpose built nursing homes, 38 conversions and 24 part new builds/part conversions. Of the total number of beds, 93% are in single rooms with a very high proportion of en-suite bathrooms. The portfolio offers a good geographical spread across the UK with 16.2% (by number) being located in the South East and East Anglia, 10.1% in the South West and Wales, 21.9% in the Midlands, 34.7% in the North West and North East of England, 14.1% in Scotland and 3.0% in Northern Ireland. The 10 separate tenants operate the properties within the portfolio with the majority of properties leased to Southern Cross (31%) and Highfield (41%).

The UK nursing homes market has seen high levels of investment interest and transactions in the two years to December 2006. The result of this has been considerable yield compression. The market for private nursing homes is underpinned by sound long-term demographic fundamentals (an ageing population) and the increased desire of the public sector to extricate itself from expensive provision. The key to the sector from a property perspective is to have a well-established operator as a tenant. This ensures a good set of covenants. With fees for residents set to rise in excess of the general rate of inflation, and with many rents being linked to operating companies' EBITDA, there is strong potential for rental growth.

The sponsor/borrower is Delta Commercial Property DCPL), is the investment vehicle for Three Delta LLP. DCPL, prior to the NHP Portfolio acquisition, successfully acquired £1.4 billion for the United Kingdom’s second largest nursing home company, Four Seasons.