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Health Care REIT makes first UK hospital acquisition

Health Care REIT (HCN) has acquired Aspen Healthcare’s four London hospitals for £226 million in a sale and leaseback deal.

This is the first time HCN has bought hospitals outside of the US.

The four facilities acquired by HCN are Holly House Hospital, Highgate Hospital, Parkside Hospital and Cancer Centre London.They are leased back to Aspen on a 25-year lease.

Earlier this year, US hospital operator Tenet Healthcare agreed to acquire Aspen for $215 million (£144 million). The move followed HCN's sale and leaseback deal with Aspen and Tenet will acquire the leasehold interests of the four hospitals HCN owns. The Tenet transaction is due to complete later this year.

Tenet and HCN have a long-established relationship as Tenet is the anchor tenant for 19 of HCN's outpatient medical properties in the US.

In its first quarter statements for 2015, HCN said: "The investment provides a platform for creating connectivity across the continuum of care given our extensive footprint of seniors housing properties in Greater London. The investment extends our strategy of owning private pay properties operated by best-in-class providers in high barrier to entry markets in the UK"

Consultancy Candesic advised HCN on the deal.

Established in 1998, Aspen Healthcare operates four private hospitals, one cancer centre and three ambulatory day surgery centres. The management team is led by chief executive Des Shiels (pictured).

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Posted on: 08/05/2015

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