Sale and leaseback of three residential/nursing homes
April 8, 2008
Coffer Corporate Leisure (CCL) has advised Orchard Care Homes (OCH) on a second tranche of sale and leaseback transactions comprising three residential/nursing homes.
ING Real Estate has just completed on the final residential home in the package which comprised a total deal worth £35m.
This transaction followed the initial £70m sale and leaseback transaction of nine OCH care homes to a JV between Invista and Prestigic Holdings in June 2007.
Led by Chief Executive Paul Mancey, who undertook a £175m MBO of the Company in 2007, OCH delivers high quality, purpose-built facilities for the elderly.
The estate currently comprises 1,403 beds across 33 homes in the North of England, with 842 beds under construction over 11 sites. The company is on target to grow to 3,000 beds by the end of 2009. OCH is taking 35 year institutional leases on the properties it has sold.