Travers Smith LLP has acted for Impact Healthcare REIT plc (Impact Healthcare) on the acquisition of 56 residential care homes and their letting to the Minster Group and the Croftwood Group. This comprised of 2,479 beds and is the first acquisition for Impact Healthcare following its IPO in March 2017.
The Travers Smith team was led by Real Estate Partner Anthony Judge and Investment Funds Partner Aaron Stocks, assisted by Real Estate Associates Sarah Walker and Gareth Wynne, Investment Funds Associate Leigh Stockey, and Tax Partner Simon Yates. Charles Russell Speechly acted for the tenant/operator of the care homes.
Anthony Judge, Real Estate Partner commented: "We are delighted to have completed the first acquisition for Impact Healthcare REIT of a portfolio of 56 properties, held through 6 different corporate groups on behalf of 12 different sellers, and previously financed by 5 separate banks. Completion of the deal required implementation of a bespoke and complex transaction arrangement which we designed to deliver certainty to Impact Healthcare at IPO that it would acquire its seed portfolio. We are delighted that we were able to pull the transaction together over such a short timeframe. The care home sector has been very active in the last year and we look forward to continuing to work on some of the most complex transactions in the sector."
Travers Smith's healthcare team has recently been shortlisted as Legal Adviser of the Year (private sector) in the HealthInvestor Awards 2017.