Travers Smith is currently advising two healthcare REITs - Care REIT plc and Assura plc - on their public takeovers by US bidders, further highlighting the recent theme of consolidation in the London REIT market.
Care REIT plc, which owns and manages a portfolio of care homes
and other healthcare properties around the UK, has announced its
recommended £448m cash offer from NYSE-listed CareTrust REIT,
Inc., whose portfolio spans 34 states in the US, with over 400
net-leased properties, approximately 43,000 operating beds/units,
and 34 operators.
Assura plc, which develops, invests in and manages a portfolio of
healthcare buildings across the UK, has also confirmed that it has
received a possible cash offer valued at £1.607bn from a
consortium comprised of long-term infrastructure investors, KKR and
Stonepeak Partners, and a possible all-share merger offer from
Primary Health Properties plc (which has been rejected).
The Travers Smith team on both deals is being led by the Head of
TransactionsAaron Stocksand PartnerBen Lowen, supported by
PartnerJon Reddington, Senior
CounselsStuart MackenzieandJoe Knox, AssociatesSylvia MuellerandWill Rann, and TraineeArnav Maru. Specialist advice is being
provided by PartnersNigel Seay,Sarah Walker,John Buttanshawand Senior
AssociatesChris TowlandandHarrie
Narain.