Nabarro has acted for new client Health Care REIT, Inc. on the acquisition of a portfolio of five residential care homes in the UK.
Health Care REIT, Inc (HCN) is a leading US real estate investment trust with a $15.8 billion portfolio spanning the full spectrum of health care real estate.
The acquisition represents a significant addition to the HCN senior housing brand.
The homes were held by two joint ventures between a subsidiary of Sunrise Senior Living and subsidiaries of an institutional investor. HCN acquired 100% of the shares in the UK and Jersey holding companies which own and operate each of the homes. The acquisition is linked to the US$1.9 billion acquisition by HCN of Sunrise Senior Living in the US. Nabarro also provided separate UK law advice on that wider transaction.
The Nabarro team was led by corporate partners Warren Taylor and Caroline Newsholme with lead associate Sarah-Jane Owen. Michael Logan and John Staheli led on real estate. The corporate and real estate teams were supported by a wide range of other specialists in employment, tax, pensions and environmental departments. Nabarro acted alongside Arnold & Porter in the US and Bedell Cristin in Jersey
Caroline Newsholme commented:
"We were delighted to achieve a successful conclusion on our first instruction for HCN and really pleased to have worked with them on such a strategically important deal. We look forward to further supporting HCN with its UK investments".
Warren Taylor, Head of Healthcare at Nabarro also commented:
"This was a great transaction for our healthcare team and continues our strong recent track record of acting on significant healthcare deals, not only in the social care sector but also in the primary and secondary care sectors."