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17 February 2015

Charles Russell Speechlys advises the management team of Canford Healthcare on a corporate structured sale and leaseback transaction with Ventas REIT of Canford’s freehold elderly care home portfolio

Charles Russell Speechlys is delighted to have advised Brian Cooney and Barry Lambert of Canford Healthcare on a transformational corporate structured deal with Ventas REIT to dispose of and lease back Canford’s freehold elderly care home portfolio. Simultaneously, long-standing investor Investec (Ireland) exited Canford Healthcare and all existing bank debt was cleared.

The transaction involves the establishment of a long term collaboration between Canford Healthcare and Ventas that will secure the maintenance and enhancement of the existing portfolio and create a platform for the expansion of the portfolio and the development of new homes.

The Charles Russell Speechlys team was led by Corporate Partner Martin Wright, assisted by Senior Associate David Coates. Partner Mark Smith and Associate Tom Foley advised on the Real Estate aspects, whilst Partner Daniel Sullivan advised on Banking & Finance and Senior Associate Jamie Crawford advised on Corporate Tax.

Commenting on the deal, Martin Wright said:

“We were delighted to play a role in implementing this arrangement which, as has been the case with other deals with US healthcare REITs that we have been involved with, was innovatively structured to maximise benefits for each of the interested parties. This creates a great platform for Brian and Barry to take the business forward over the next few years”.

Brian Cooney, Managing Director of Canford Healthcare said:

“I would like to thank Martin and his team at Charles Russell Speechlys for their extensive market knowledge and providing practical and timely advice and support, enabling us to achieve an excellent result. We are very pleased with our new relationship with Ventas, a leading global healthcare REIT, which will bring significant capital to our growth ambitions and with which we can look to build on and expand the very high quality care business that we have built over the last few years.” 

Ventas was advised by Berwin Leighton Paisner (led by Michael Anderson assisted by Matthew Peel and Laura Patao-Caminas). Investec was advised by Lester Aldridge (led by Susan Cowan, Roger Wooley and Simon Holden).

The transaction was brokered by JLL Corporate Finance (Tim Edghill).