Clifford Chance

Clifford Chance advises NorthWest Healthcare Properties REIT on the acquisition of Aspen Healthcare and the subsequent disposal of the operating business at eight hospitals, including the sale and leaseback of seven private hospitals to Nuffield Health and Spire Healthcare

International law firm Clifford Chance has advised NorthWest Healthcare Properties REIT on the acquisition of the Aspen Healthcare business from NMC Healthcare, the UAE's largest private healthcare operator who went into administration in 2020.

Aspen was the hospital operator at four of the REIT's existing UK investment properties, all of which had been acquired by the REIT with assistance from Clifford Chance in August 2020.

As a result of the acquisition of Aspen Healthcare, the REIT acquired two new healthcare real estate assets in the UK, the Claremont Private Hospital and The Edinburgh Clinic, as well as control over the operations at eight hospitals located throughout the UK.

With assistance from a multi-disciplinary Clifford Chance team, the REIT then sold these eight hospital operations to various leading UK hospital operators, including Nuffield Health and Spire Healthcare Group plc. As part of the transaction, NorthWest Healthcare has undertaken a sale and leaseback programme with Nuffield Health and Spire Healthcare Group plc who have entered into long-term leases with the REIT at six hospital sites (Claremont Private Hospital in Sheffield, Parkside Private Hospital in Wimbledon, Highgate Private Hospital in London, The Holly Private Hospital in Essex, The Cancer Centre London and The Edinburgh Clinic). The REIT has also acquired the freehold interest in the Woking Hospital as part of a related sale and leaseback transaction with Nuffield Health, making this the seventh sale and leaseback completed as part of the transaction.

Mike Brady, Executive Vice-President and Global General Counsel of NorthWest Healthcare Properties REIT, commented: "As a result of the Aspen Healthcare acquisition and the on-sale process, Clifford Chance has helped us to expand our UK platform and diversify our tenant base, positioning us for our previously announced C$1.7 billion UK joint venture initiative which we expect to be completed in 2022."

Real Estate partner Ian Painter, who co-led the transaction with Corporate partner Nick Spurrell, commented: "The healthcare industry remains one of the fastest growing markets across the globe and our leading real estate and corporate teams are at the forefront in advising financial investors on numerous complex healthcare transactions. We are delighted to have a longstanding relationship with NorthWest Healthcare Properties REIT, having advised them with their entry into the UK healthcare real estate market and the subsequent development of a strong portfolio of thirteen high quality healthcare properties. This transaction in particular highlights the breadth and strength of the Clifford Chance team, with experts from a range of specialisms demonstrating our one team approach to seamlessly deliver a series of hugely complex linked transactions".

Ian Painter and Nick Spurrell were assisted by a multi-disciplinary team comprising of Real Estate Senior Associates Gaby Coppack and Holly Porter, Associate Rose Laitner, with Property Litigation Director Ben Hatton and Senior Associate Jane O'Leary advising on property litigation aspects. Corporate advice was provided by Senior Associates Niall O'Shea and Ashley Cywicki, Associates Chelsea Bruk-Jackson, Sophie Stratton, Antonio Folgore, Timothy Little and Faeezah Tailor. Restructuring and insolvency advice was provided by Partner Adrian Cohen and Senior Associates Niall Canny and Lewis Cymbal. Partner and Head of Real Estate Tax David Saleh, Director of VAT Simon Corzberg and Senior Associate Ed Page provided tax advice. Partner Andre Duminy, Senior Associates Midori Takenaka and Mark Comber and Associate Nicole Kidney advised on the TMT aspects. Partner Alex Nourry advised on Antitrust. Pensions advice was provided by Partner Clare Hoxey and Senior Associate Matthew Preston. Associates Emma Porter and Marco Wong advised on financing, Partner Alistair Woodland, Senior Associates Amy Bird and Florence Wong and Associates Eleanor Griffin, Olukayode Adeyemi Sonuga and Ben Purkiss advised on the employment aspects. Partner Edward Bretherton and Associate Emma Clarke advised on Construction and Partner and Head of Environment & Planning Nigel Howorth advised in relation to environment and planning.