LONDON—California-based HCP says that it is the lead investor in the financing for Formation Capital and Safanad's pending acquisition of NHP, a company that owns 273 nursing and residential care homes representing over 12,500 beds in the UK.
HCP will provide a loan facility totaling about $630 million (£394.5M), secured by substantially all of NHP's assets with a five–year term.
“We are pleased to partner with Formation Capital and Safanad to finance its acquisition of NHP,” said Lauralee Martin, president and CEO of HCP. “Formation has been a valuable partner to HCP, having collaborated on past transactions including our Genesis and Tandem debt investments, as well as several Senior Housing development projects. Further, this accretive transaction allows us to expand our UK investments to approximately $1 billion and provides a new relationship with a premier national operator in the UK led by Dr. Chai Patel and his talented management team.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
