Moor Park revives leaseback market with €835m hospital deal

A cross-border consortium has agreed a £700 mln (€835 mln) sale-and-leaseback with Spire Healthcare for 12 hospitals in the UK.

Moor Park Capital Partners led and advised the consortium of investors, which included a small group of very large institutional investors based in Malaysia and the US.

Spire Healthcare is the second-largest private hospital provider in the UK and the refinancing relates to part of its loan facilities on 12 of its 38 hospitals across the UK.

Jagdeep Kapoor, partner at Moor Park Capital, said: 'For our consortium members, we have created a transparent, asset-backed, fixed-income style, inflation-protected investment where all covenants are well covered. For Spire Healthcare, we have delivered an innovative solution, with low leverage, which enables them to inject over £700 mln of new capital into their business and to halve their pro-forma consolidated net debt, despite the challenging market conditions.'

London-based Moor Park has undertaken or advised on £24 bn of transactions.