CBRE advises Gold Care Homes on sale and leaseback
Global real estate advisor CBRE has advised Gold Care Homes on the sale and leaseback of 18 care homes for about £90m to an overseas real estate investor.
Established in 1999, Gold Care Homes has since grown to operate 21 care homes through development, mergers and acquisitions. The homes are located throughout southern and central England, and focus on the private and public pay markets. 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.
CBRE’s Peter Farnes said the this latest transaction showed 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,” said Mr Farnes.
“The transaction provides Gold Care Homes with a secured source of capital for future developments and acquisitions.”
Paul Daniels, partner at Royds Withy King, who advised Gold Care Homes on the legal aspects of the transaction said an important part of their work was advising the Gold Care Homes on various regulations and compliance issues in relation to registering four new operating companies to run and administer the care homes.
“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,” said Mr Daniels.