Clifford Chance

Clifford Chance advises Northwest Healthcare Properties Real Estate Investment Trust on £500 million sale of UK private hospital portfolio to Assura PLC

Global law firm Clifford Chance has advised longstanding client Northwest Healthcare Properties Real Estate Investment Trust (the REIT) on the sale of its UK private hospital portfolio to Assura PLC (Assura), a publicly listed REIT on the London Stock Exchange, for £500 million. Eighty percent of the consideration (£400 million) was paid in cash with the remainder paid in shares of Assura valued at £100 million, giving the REIT a stake of approximately 8% of Assura's public float.

The REIT is a leading owner and operator of healthcare real estate infrastructure in North America, Brazil, Europe and Australasia. The completion of this strategically important sale concludes the REIT’s previously announced strategic review process.

Clifford Chance has advised the REIT on transactions across Europe for many years and in the last five years has worked closely with the REIT as it made its entry into the UK healthcare real estate market, following which the firm helped the REIT to develop its UK portfolio with a combination of several direct and indirect real estate acquisitions as well as sale and leaseback deals. The UK portfolio comprises fourteen private hospitals, thirteen of which are located in England and one of which is located in Scotland, all of which are let to leading healthcare operators such as Circle, Nuffield, Spire and PPG.

Real Estate partner Ian Painter, who led the multi-disciplinary team on this transaction, commented: "We are delighted to have advised Northwest Healthcare Properties REIT on this strategic disposal, having worked with them for so many years to first break into the UK healthcare real estate market and then subsequently build up this high quality UK healthcare portfolio via a series of different types of corporate and real estate transactions with owners and occupiers. The work we have done for Northwest over the years, culminating in this successful exit from their UK investments, 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 strategically important and high value transactions for our clients."

Ian was supported by Real Estate Senior Associates Rose Tinker and Holly Porter, Associates Daniel Stamford, Lucy Johnson and Jordan Gulwell and Trainee Lawyers Daniel Murray and Rose Cocks. Tax advice was provided by Partner and Head of UK Real Estate Tax David Saleh, assisted by Director of VAT Simon Corzberg, Director Cameron Dwyer, Senior Associate Paul Harrington and Associates Ross Windell and Viktoria Parkhomenko. Planning advice was provided by Partner and Head of Environment & Planning Nigel Howorth supported by Senior Associates Katie Kempthorne and Kate Mackintosh. Corporate Partners Steven Fox and Erik O'Connor, supported by Senior Associates Emma Boobbyer and Adnan Syed, provided listed company advice. Real Estate Finance Partner Will Sutton, supported by Senior Associate Giovanni Leuratti and Associate Alice Benson, and Finance Partners Richard Day and Neil Cavanagh, supported by Senior Associate Fola Ajayi, advised on the various financing aspects of the transaction.