Pan-European property investor Patron Capital Partners has sold its Gracewell Health Care business to New York-listed Health Care REIT for £153 mln (€190.5 mln).
Pan-European property investor Patron Capital Partners has sold its Gracewell Health Care business to New York-listed Health Care REIT for £153 mln (€190.5 mln).
The Gracewell portfolio comprises 11 senior housing communities consisting of 767 units which are located mainly in southern England and focused on the private fee paying market. The portfolio’s management company has been acquired by US-based assisted living specialist Sunrise Senior Living.
Patron said it will continue to partner with Health Care REIT, Sunrise Senior Living and Gracewell’s founders – Tim Street and Daniel Kay – on ventures in the care home sector.
Keith Breslauer, Patron Capital’s managing director, said the London-based company remains committed to the healthcare property sector and plans to invest a further £200 mln in the asset class and the healthcare industry in general in due course.
‘Patron now has the opportunity to continue to develop its interests in this sector more rapidly by working with a first-class partner so that we can grow together; and, for investors in our earlier funds, we have yet again demonstrated our ability to deliver excellent returns,’ Breslauer said.
The new partnership expects to pursue at least five properties per annum focusing on senior housing communities. The alliance is currently founded on the redevelopment of one community in the Gracewell portfolio and a near-term existing development pipeline of 11 additional homes with 812 units located primarily in Greater London and southern England.
Patron has built up around €2.5 bn of property assets under management since it was established in 1999. The company’s investments are located in 13 countries.