24 Jul 2019 | 09:30 am | 1 min. read
International law firm Pinsent Masons has advised specialist hospitals REIT investor Medical Properties Trust on its £347m unconditional acquisition from Secure Income REIT plc of a portfolio of eight hospitals in the UK operated by Ramsay Healthcare UK.
This latest transaction through a corporate structure builds on MPT’s acquisition of the BMI-operated hospital at Poole, Dorset earlier this year that Pinsent Masons also acted on.
The Pinsent Masons team advising on the deal was led by corporate Partner Robert Moir, working with Real Estate Partner Tom Eastwood, tax senior consultant Richard Croker, Senior Associate Sandra Plantier, Associates Finlay Fraser, Rebecca Shenkin, James Tryfonos, Gary Parmley and Trainee Damini Kotecha.
The hospitals are Ashtead Hospital Surrey, Berkshire Independent Hospital Reading, Euxton Hall Hospital Lancashire, Mount Stuart Hospital Torquay, North Downs Hospital Surrey, Renacres Hospital Lancashire, Rowley Hospital Stafford and Winfield Hospital Gloucester.
Arendt advised MPT on Luxembourg aspects and Taylor Wessing acted for the seller.
Commenting on the transaction, Robert Moir said: “We are delighted to have advised MPT on this significant strategic acquisition, as they continue to grow their investment portfolio of hospital assets globally. The deal reflects the continued international appetite for strong UK real estate assets backed by institutional long leases”.
Managing Director of International Acquisitions and Operations at MPT, Luke Savage, said: “This acquisition came together quickly with a short timeline, and we were very impressed with the responsiveness and quality of advice that we received from Robert Moir and his team at Pinsent Masons. This is the third opportunity we have enjoyed working with PM in the past year and we look forward to future transactions as we continue to expand our hospital portfolio in the UK.”
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