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Clifford Chance advises NorthWest Healthcare Properties REIT on the acquisition of their fourteenth private hospital in the UK by way of a sale and leaseback of the Spire Cheshire Hospital

16 February 2022

Clifford Chance advises NorthWest Healthcare Properties REIT on the acquisition of their fourteenth private hospital in the UK by way of a sale and leaseback of the Spire Cheshire Hospital

International law firm Clifford Chance has advised NorthWest Healthcare Properties REIT on the acquisition of the freehold interest in the Spire Cheshire Hospital, a 42-bed hospital in Cheshire, from Spire Healthcare Group plc. The acquisition was achieved by the £89 million purchase of the shares in a wholly owned subsidiary in which the property is held. Spire Healthcare will continue to operate the hospital, which was simultaneously leased back to them by the REIT pursuant to a long-term lease with indexed rents for an initial rent of £3.8 million per annum.

The Clifford Chance team was led by Real Estate Partner Ian Painter, who commented: "We were pleased to help long-standing global client NorthWest Healthcare Properties REIT to grow their UK healthcare real estate portfolio to fourteen high quality properties with the indirect acquisition of the Cheshire Spire Hospital. The deal capitalised on the transaction between the REIT and Spire Healthcare Group plc last year where Clifford Chance advised on the sale and leaseback of the Claremont Private Hospital in Sheffield as part of the acquisition and disposal of the Aspen Healthcare business by the REIT. This strategic acquisition leaves NorthWest well-placed for their intended £1 billion UK joint venture later this year which we expect will generate significant interest from global healthcare real estate investors."

Ian Painter was assisted by Real Estate Senior Associate Rob Donell and Associates Rose Laitner Manuel Ponces Magalhães. Environment and Planning input was provided by Partner and Head of Environment and Planning Nigel Howorth and Senior Associate Anneke Theelen. Finance support was provided by Partner Barry O'Shea and Associates Emma Porter and Gokul Kannan. Tax advice was provided by partner and Head of UK Real Estate Tax David Saleh, Director of VAT Simon Corzberg, Senior Associate Ed Page and Associate Viktoria Parkhomenko.