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 Transactions Aaron Stocks and Partner Ben Lowen, supported by Partner Jon Reddington, Senior Counsels Stuart Mackenzie and Joe Knox, Associates Sylvia Mueller and Will Rann, and Trainee Arnav Maru. Specialist advice is being provided by Partners Nigel Seay, Sarah Walker, John Buttanshaw and Senior Associates Chris Towland and Harrie Narain.
