NHP/Southern Cross deal may signal better days for long term care providers

Posted on June 1st, by editor in Caring Times. No Comments

Comment Nursing Home properties (NHP) is in negotiation to buy the entire share capital of its biggest tenant, Southern Cross healthcare. The sale is subject to due diligence by the parties but, in an interview with Caring Times, Southern Cross chief executive John Moreton said he was hopeful and positive that the transaction would be completed by late August. The news is unquestionably a boost for NHP and the long term care sector, coming at a time when there appears to be so much negative comment. John Moreton and Larry Marks, co-founders of Southern Cross, are recognised as among the shrewdest operators in the sector and there seems little doubt that they would have joined NHP as executive directors, as they have, if there was no future for NHP or the sale and leaseback concept. Indeed, John Moreton said that the only thing wrong with NHP at the moment was that there was a proportion of homes with management which was struggling to cope with difficult market conditions. He emphasised that the concept of s

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