Gold Care group has been sold for £90m to an overseas investor in a property leaseback deal.
The deal, which includes the sale and leaseback of 18 care homes, was carried through with advice from Royds Withy King Solicitors in Bath.
Paul Daniels, a real estate partner at Royds Withy King in Bath, which has a dedicated social care sector team, 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.”
Established in 1999, Gold Care Homes has 21 properties in southern and central England focused on the private and public pay markets.
The deal includes homes in Southern England and Birmingham with the remaining three operating outside the sale and leaseback agreement.
Hazel Phillips, a partner at Royds Withy King who led the corporate aspects of the deal from Bath, said: “This was a complex transaction and we were delighted to be able to achieve the result Gold Care Homes was looking for, working closely with all parties and covering all the legal aspects, including the rigorous CQC requirements, to get it over the line.”
Global real estate adviser CBRE advised Gold Care Homes on the property sale and leaseback.
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.”
The purchaser was advised by Arnold & Porter Kaye Scholer and CMS Cameron McKenna Nabarro Olswang.