A Travers Smith team, led by real estate partner Simon Rutman and corporate partner Edmund Reed, has advised Patron Capital, the pan-European institutional investor focused on property-backed investments, on the sale of Gracewell Healthcare. The company and its portfolio of 11 seniors housing communities was acquired for £153 million by Health Care REIT (NYSE: HCN), an Ohio-headquartered real estate trust, which invests across the spectrum of senior housing and health care real estate. The management company was acquired by Sunrise Senior Living, which provides resident-centre care services, in the US, UK and Canada.
Patron’s initial investments in Gracewell began in 2010 and by the time of sale the Gracewell portfolio comprised 767 purpose built, luxury units concentrated in Southern England, focused on the high quality, private fee paying market. Travers Smith provided real estate advice to Gracewell during the growth of the portfolio.
Travers Smith also advised Patron on its ongoing partnership with Health Care REIT, Sunrise Senior Living and Gracewell. It is expected the new partnership will pursue at least five properties per annum focusing on premium seniors housing communities. The partnership is founded on the redevelopment of one community in the portfolio and a near-term existing development pipeline of 11 additional homes with 812 units located primarily in Greater London and Southern England.
The Travers Smith team also included real estate partner Julian Bass, real estate associates Paul Kenny, Naomi Tapp, Alison Calkin and Emily Pelling, construction group director Kofi Atta and corporate associates Laura Pembridge, Aman Dillon and Adrian Duncan. Finance advice was provided by partner Danny Peel and associate Chris Brooks. Tax partner Simon Yates and associate Jonathan Woodall provided tax advice.
Health Care REIT were advised by Sidley Austin LLP. Sunrise Senior Living were advised by Arent Fox LLP and McGuireWoods London LLP. Macfarlanes LLP and Nabarro LLP also provided advice to Patron Capital in connection with the transaction. Management were advised by Wragge Lawrence Graham & Co LLP.
