Care - Recent Activity
Hg Capital's acquisition of Casa Reha
Christie + Co is proud to have formed part of Hg Capital’s advisory team in what was the largest and most important transaction in the German care market in 2007. Our task was to provide property due diligence including detailed benchmarking analysis of the portfolio and a review of the development programme. Another key part of our brief was the provision of detailed advice on the complex lease structures in place and their potential impact upon the cash flow of the business. Christie + Co’s input was instrumental in Hg Capital’s successful acquisition of the business, with it ultimately being addressed to the Royal Bank of Scotland plc, who provided the funding. Christie + Co are approved Panel Valuers to the Royal Bank of Scotland plc.
Craegmoor Healthcare
Christie + Co has been providing valuation advice to this specialist care operator since 2005. Major instructions have included a portfolio-wide valuation in mid 2007 in connection with a re-finance of the business. Further work is being undertaken in connection with Legal & General Ventures’ review of the business. The portfolio comprises over 200 assets, split between independent hospitals, elderly care and specialist facilities.
Highwood Residential Ltd
Christie + Co was instructed to dispose of two development sites on behalf of Highwood Residential Ltd, a building contractor and developer specialising in residential and healthcare developments. The investment interest was sold to a private investor, subject to new leases with Southern Cross PLC, for a price representing a net initial yield of approximately 5.7%. The investor will forward-fund the development of the two care homes, comprising 150 purpose-built beds, in Andover and Gosport.
HCREP Holdings
Christie + Co is retained as valuers and performance monitoring advisors to HCREP, a consortium of highly regarded city property and investment executives, in the development of their care portfolio within Germany. Our work to date has included the provision of RICS compliant loan security valuations, portfolio analysis and the appraisal of new opportunities. Also in conjunction with Christie Corporate Finance, we have assisted in the introduction of further equity and debt providers. With ambitions to develop an integrated property operating and holding platform totalling in excess of 7500 beds over the next five years, Christie + Co are pleased to be associated with this dynamic investment company.
Four Seasons Healthcare
Christie + Co provided portfolio valuation advice to a prospective bidder during the 2006 sale process, which was eventually concluded with a purchase by Three Delta LLP. We continue to work with Four Seasons Healthcare and have advised on a number of prospective acquisitions undertaken by the group.
Kidsunlimited
Christie + Co was instructed by LDC to advise on the restructuring of the Kidsunlimited business – a portfolio of over 50 nurseries across the UK. Our childcare specialists across our 17 UK offices were able to carry out full property due diligence and competitor analysis within a 3 week timeframe to support LDC’s bid.
Acquisition of Holyrood Nursery Group
Acting on behalf of the Bertram Nursery Group, Christie + Co recently acquired the Holyrood Nursery Group. Holyrood Nursery Group was originally established in 1994, with the opening of its first nursery in Prestwich. The portfolio now comprises nine nurseries - including one leasehold in Salford - across Greater Manchester, providing full day and sessional care to children aged from birth to 5 years.
Just Learning
Christie + Co was instructed by Alchemy Partners’ provide valuation advice in respect of the Just Learning Nursery Group. Our valuations formed part of a refinancing project which facilitated the creation of an ‘acquisition fund’, to assist the company in implementing its 2008 expansion strategy.
Quercus Healthcare Property Partnership
Christie + Co has been providing monthly valuations of this specialist investment fund since December 2004. The fund is currently made up of over 260 healthcare properties and is co-owned by Morley Fund Management and Quintain Estates & Development Plc.
Hallmark Healthcare
Christie + Co has worked with Hallmark Healthcare, to facilitate a rapid expansion programme. As well as assisting Hallmark with the acquisition of a number of purpose-built homes, Christie + Co also provided valuation advice as part of a successful refinancing exercise, to fund the expansion. We continue to work with Hallmark to provide valuation advice.
Sale of Belmont Care Ltd to BUPA Care Services
Acting on behalf of the vendors, Christie + Co sold the entire share capital of Belmont Care Limited, including the freehold interest in its two nursing homes in Somerset, to BUPA Care Services. Elm View Nursing Home in Clevedon, Somerset, and Norewood Lodge in Portishead, Bristol, are both purpose-built elderly nursing homes with a combined registration of 94.
Sale of Severn House
Christie + Co recently sold the entire share capital of John Munroe Hospital (Welshpool) Ltd, trading as Severn House. This 24-bedroom, Independent Hospital is registered with the Health Inspectorate Wales (HIW) for clients detained under the Mental Health Act. This low secure unit has been sold to rapidly expanding mental health operator, Acorn Care Ltd.
Sale of six care facilities to Quercus Property Partnership
Christie + Co has completed the sale of four limited companies – Parksman Ltd, Ozman Company Ltd, Samsons Atco Ltd and Samsons Green Ltd – and all of their freehold assets, to Quercus Healthcare Property Partnership Ltd. The portfolio includes six purpose-built care homes, comprising 327 registered bedrooms, located across Nottinghamshire, Cheshire and South Yorkshire. Quercus has subsequently identified one of its existing tenants, an experienced care operator, to take the lease on all six of the care facilities.
Sale of Aden House Ltd to New Century Care Ltd
Acting on behalf of the vendors, Christie + Co has sold the entire share capital of Aden House Limited to New Century Care Ltd. The group comprises a portfolio of quality, purpose built care homes located in Huddersfield, comprising five elderly care homes and one specialist unit catering for younger clients with physical disabilities. It is registered for a total of 231 residents including both nursing and personal care. This deal follows Christie + Co’s sale of Aaroncare to New Century Care.
Sale of Asquith Nurseries
Christie + Co acted on behalf of private equity firm, Lyceum Capital, in the provision of valuation advice in advance of its sale of Asquith Nurseries to Dawnay, Day Principal Investments and Swordfish Investments LLP for £95 million. Asquith is one of the UK’s largest nursery groups, offering places for some 10,000 children across 113 nurseries and crèches nationwide.
Christie + Co sells Maesteilo Care Homes Ltd to Swanton Care & Community
Christie + Co sold Maesteilo Care Homes Ltd on behalf of Ms J. Dwyer. The business comprises seven care facilities, which provide support for autistic and young adults with learning disabilities, with a total registration of 65. All the facilities are located in and around Carmarthenshire, with the first care unit opening some 20 years ago, having been converted from a nursing facility..
Sanctuary Care acquires Caton House Nursing Home
Christie + Co acted on behalf of Sanctuary Care in its acquisition of Caton House Nursing Home in Bletchley, Milton Keynes for an undisclosed sum. Established in 1995, Sanctuary Care is now one of the largest not-for-profit providers in the United Kingdom, operating 35 care homes for the elderly and a number of homes for clients with physical or learning disabilities. This purpose-built, elderly care home was previously owned and operated by The Crossways Trust. It is registered for 68 patients, with dual registration to provide nursing care for up to 35 service users.
Happitots Day Nurseries Ltd
Christie + Co facilitated the merger of Happitots Day Nurseries Ltd with the Bertram Nursery Group. Happitots Day Nurseries was established in 1996 and comprised 12 nurseries, providing 865 registered places, wrap-around care and an associated training business.
HgCapital’s acquisition of Paragon Healthcare
When HgCapital acquired Paragon Healthcare for £322 million, Christie + Co provided a desk top valuation of the business, which comprised 241 specialist care facilities at the time of valuation.
The Priory Group
Christie + Co’s specialist healthcare valuation team was called upon to value The Priory Group’s extensive portfolio. In July 2005, ABN AMRO announced its acquisition of the Priory Group, for a total equity and debt consideration of £875 million. Following this acquisition, Christie + Co was instructed to provide a valuation for use in both the syndication of debt facilities and as part of a securitisation process.
Sale of Cannon Capital Group Holdings
Christie + Co sold the entire share capital of Cannon Capital Group Holdings, a company which holds the freehold interest in 91 care homes. The freehold care homes, which were let to Ashbourne Healthcare and total approximately 4,500 beds, were acquired by London & Regional Properties for £365.5 million. The deal was also the largest ever transacted by an agent in this sector.
Alpha Hospitals
Alpha Hospitals is a provider of low-secure and medium-secure psychiatric hospitals. Christie + Co initially provided valuation advice to the company's bankers, for acquisition purposes. Subsequently, we have provided updated valuations and feasibility studies for a significant expansion of the Group across its three sites.
The Cambridge Private Hospital
Christie + Co was instructed to confidentially market The Cambridge Private Hospital by the proprietors, Dr & Mrs Erian. The modern hospital provides 11 beds specialising in plastic, cosmetic and reconstructive surgery. The business was marketed on a highly confidential basis and, following a competative bidding process, a sale was concluded with a European Hospital Group for an undisclosed sum.
Carrick Care Homes
Christie + Co was instructed to sell the entire share capital of Carrick Care Homes, Scotland’s largest independent care home provider with 12 high quality purpose-built homes in the greater Glasgow area, providing over 750 nursing beds in predominantly single en suite facilities. The group was “auctioned” off-market to trade and financial buyers, with the eventual purchaser, BUPA Care Homes, substantially outbidding all other parties.
