Civitas Investment Management has taken on a portfolio of properties from social care provider, CareTech.
Speaking of the £200 mln (€323 mln) sale leaseback agreement, Tom Pridmore, group director of Civitas, said: ‘We are very impressed by the quality of the CareTech portfolio, and we’re pleased to partner with one of the leading care providers in the UK in this landmark transaction.’
‘Despite the difficult economic backdrop this year, Civitas has continued to invest across the specialist-care sector, based on the strong fundamentals and long-term demand for high-quality specialist-care properties in the UK and Europe.’
The assets represent a ‘small’ proportion of Caretech’s £1 bn of freeholds.
Julian Evans, head of healthcare at advisor Knight Frank, which acted for CareTech, said: ‘This is an excellent result for both CareTech and Civitas. The provenance of CareTech complements Civitas’s continued investment founded it. into high-quality care facilities and operations.’
As previously reported, CareTech is being taken private by two brothers that founded the firm. Evans said:'The take-private process of CareTech has been complex and, given recent UK economic turbulence, in many ways, reaffirms that this transaction is a flight to quality.'