Patron Capital Partners, the pan-European institutional investor focused on property-backed investments, announces that it has sold its Gracewell Health Care business for a consideration of £153 million (approx. €191 million). The company's portfolio of 11 premium-quality seniors housing communities has been acquired by Health Care REIT and the management company has been acquired by Sunrise Senior Living.
Patron's investment in the business and the purpose-built, luxury private-pay portfolio began in 2010; the Gracewell portfolio comprised 767 units, concentrated in Southern England, and focused on the high quality, private fee paying market. Throughout its operation, Gracewell has received multiple awards and recognition for both care and asset quality including the prestigious 2014 Residential Care Provider of the year award from HealthInvestor Magazine.
Patron will continue as a partner with Health Care REIT, Sunrise Senior Living and Gracewell's founders – Tim Street and Daniel Kay. It is expected that 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.
Keith Breslauer, Patron Capital's Managing Director said: “This transaction demonstrates both our development and operating expertise in creating a leading healthcare company. It is an industry we believe in and are commited to; Patron's strategy is to invest a further £200 million in this asset class, in the care homes business, the healthcare industry in general, as well as our speciality care business, Badby Park.”
Source: Patron Capital