Saffery Champness advises on luxury care home sale

5 Aug 2019

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Top 20 accountancy firm works with Hadrian Healthcare to secure sale of five luxury care homes to Aviva.

London and Harrogate – Top 20 accountancy firm Saffery Champness LLP acted as tax, accounting and corporate finance advisers to Hadrian Healthcare Holdings Limited on its sale of five luxury care homes, in a deal worth over £100 million.

Gateshead-based Hadrian Healthcare owns and operates luxury care homes across the North East and Yorkshire. Its facilities provide residential healthcare for older people combined with the service and amenities of a luxury hotel.

Following twelve months of negotiations, the properties were acquired by Lime Property Fund, an investment vehicle managed by Aviva Investors. Five luxury Manor House branded homes have been successfully sold, including Wetherby Manor care home, which was named by Knight Frank as UK Luxury Care Home 2018, and The Manor House in Barnard Castle which was a finalist in the 2017 International Design Awards, run by the Society of British and International Design.

The management of the care homes has been taken over by non-profit Anchor Hanover, England’s largest provider of specialist housing and care for people in later life. Each home is subject to a lease to Anchor Hanover providing for a secure 35-year term and an option to extend this term for a further 10 years.

Dermot Callinan, Partner in the Tax team at Saffery Champness, commented:

“This deal, the largest of its type, is emblematic of wider market interest in the retirement and care sector. Amid the challenge of adequately providing for an ageing population and a shift in expectation towards experience and service, investors are seeing significant potential in the incorporation of senior living assets into their portfolios. The care industry is incredibly complex however and this project was no different, being an innovative tripartite deal across multiple locations. We were very pleased to work with the team at Hadrian Healthcare, and to be able to bring to bear our track record and expertise to help bring this deal to successful fruition.”

Chairman of Hadrian Healthcare, Ian Watson said:

“We turned to Saffery Champness because of their outstanding reputation in the market, both locally and nationally, and for their ability to advise on a project of unprecedented scale and complexity in the sector. They were significant players in putting together the financial structure of the transaction and we thank them.”

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