Gold Care Homes has completed a sale and leaseback deal of 18 care homes for £90 million to an overseas real estate investor.
Gold Care Homes, established in 1999, now operates 21 care homes through development, mergers and acquisitions. The homes are located throughout southern and central England. The transaction involves 18 of the homes, located mainly in southern England and Birmingham. The remaining homes will be operated outside the sale and leaseback agreement.
Lawyers Royds Withy King and global real estate advisor CBRE advised in the deal.
Peter Farnes of CBRE commented: “This latest transaction shows the continued appetite from international investors for UK healthcare assets and the elderly care market. This underscores the growing investor demand to grow and develop regional care businesses and benefit from index linked returns. The transaction provides Gold Care Homes with a secured source of capital for future developments and acquisitions.”
Paul Daniels, a real estate partner at Royds Withy King, said: “We worked closely with Gold Care Homes and their tax advisers to structure the deal and provide comprehensive pre-sale support, which included corporate and property advice. An important part of our work was advising the owners of Gold Care Homes on various regulation and compliance issues in relation to registering four new operating companies to run and administer the care homes.”