Leading worldwide regulation agency Clifford Chance has suggested NorthWest Healthcare Properties Real Estate Investment Trust, Canada’s main world diversified healthcare REIT, on two main transactions in fast succession within the European healthcare actual property area: a €2bn pan-European three way partnership with an Asian sovereign wealth fund, and the £260m acquisition of a portfolio of 4 hospitals positioned in Greater London, England (the “London Portfolio”) .
The €2bn three way partnership transaction, which was led by Partner Ian Painter from the London actual property staff with help from colleagues throughout the Clifford Chance community (together with in Germany and the Netherlands), will permit NorthWest Healthcare Properties REIT and the sovereign wealth fund to pursue pan-European healthcare actual property possibilities collectively. Commenting on the deal, Paul Dalla Lana, Chairman and CEO of the REIT, mentioned: ” The three way partnership will profit from a top quality preliminary portfolio and leverages NorthWest’s important regional presence with a purpose to constructing the main pan-European healthcare actual property platform.”
The London Portfolio, which contains Parkside Hospital and the London Cancer Centre in Wimbledon, Highgate Hospital and Holly House Hospital in Essex, is 100% leased on a long-term inflation linked foundation to Aspen Healthcare, a number one English hospital operator. The acquisition of the London Portfolio was funded with a £128m short-term loan, a £72m growth of the REIT’s revolving credit score facility, and present liquidity. The addition of the London Portfolio is strategically vital because it will increase the dimensions of the REIT’s UK portfolio to £360m and positions it for additional progress and partnership with the area’s main hospital operators.
Clifford Chance has a longstanding relationship with NorthWest Healthcare Properties REIT having helped them with their latest transfer into main UK markets, together with the acquisition for c.£100m of six personal hospitals let to BMI Healthcare in January 2020. Ian Painter commented that: “All three of these recent transactions for NorthWest Healthcare Properties REIT highlight the strength of Clifford Chance’s market-leading real estate teams in the UK and Continental Europe, as well as our ability to deliver complex corporate real estate transactions seamlessly across borders with expert advice from lawyers in multiple jurisdictions and multiple practice areas.” Mike Brady, Executive Vice President, General Counsel and Corporate Secretary of the REIT, mentioned: “As at all times we have been very appreciative of the Clifford Chance staff’s efforts and lengthy hours spent advising us on these vital transactions for us with a purpose to deliver them to fruition within the face of difficult occasions for the worldwide actual property trade arising from COVID-19 “.
The staff advising on the three way partnership was led by Ian Painter and supported by attorneys Holly Porter, Emily Mattley and Rose Laitner. The tax elements have been led by Partners David Saleh and Dominik Engl with help from Director Simon Corzberg and lawyer Ted Meddick-Dyson. German actual property recommendation was supplied by Partner Dennis Blechinger, supported by Counsel Martin Barlösius and lawyer Annika Kalke, and German company recommendation by Partner Dr. Nicole Englisch and Senior Associate David Schwenneker; whereas German antitrust and regulatory elements have been supplied by Senior Associate Caroline Scholke and Counsel Dr Dimitri Slobodenjuk. Dutch actual property help was supplied by Partner Liesbeth Buiter and Associate Lotte De Bruin, whereas Dutch tax recommendation was supplied by Associate Stern Flik.
The staff advising on the acquisition of the London portfolio was additionally led by Ian Painter and supported by Senior Associate Gabrielle Coppack and attorneys Holly Porter, Emily Mattley, Rose Laitner and Stephanie Ofili. Planning elements have been supplied by UK Real Estate Practice Area chief Nigel Howorth and lawyer Anneke Theelen. Real Estate Finance elements have been supplied by Co-head of the actual property sector Jane Cheong Tung Sing, Senior Associates Deborah Lipszyc and Suji Han. Tax elements have been supplied by Partner David Saleh, Senior Associate Jemma Dick and lawyer Ted Meddick-Dyson.