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13 June 2017

Charles Russell Speechlys Healthcare team advises on the sale of Minster Care in connection with the £160m IPO of Impact Healthcare REIT plc

The Healthcare team is pleased to have advised several parties in connection with the IPO of Impact Healthcare REIT plc, which raised £160m on its admission to trading on the Specialist Fund Segment of the Main Market on 7 March. The team acted for the sellers of the 56 care home properties owned by Minster Care and Croftwood Care that formed the seed portfolio on admission and for Impact Healthcare Partners LLP as Impact's investment adviser

While REITs are not a new phenomenon in the UK market (and US REITs have been active for many years), this transaction shows that there is now more interest from the UK public markets in care homes as an asset class. Impact is the second UK REIT specialising in this market.

Charles Russell Speechlys was particularly well placed to support on this transaction due to its depth of knowledge in the healthcare sector, as well as providing specialist legal and tax advice for the family trusts and individual shareholders.

The Charles Russell Speechlys team led by Michael Lingens included Hannah Connors (corporate); Helen Coward (tax); Danny Sullivan and Isobel Young-Herries (banking); and Mark Smith and Raza Anjum (real estate). Travers Smith advised Impact Healthcare REIT plc, with Winterfloods as the broker.

Mahesh Patel, CEO of Minster Care Group said: "Having advised the family for nearly 30 years on business and personal matters, the team at Charles Russell Speechlys was perfectly placed to support us in this innovative transaction which allowed some family members to exit, and others to remain involved, in the business which will now be backed by a publicly-traded real estate investor".

Michael Lingens commented: "Private businesses are extremely common in the healthcare sector and Charles Russell Speechlys is committed to supporting them during a period of accelerated consolidation. We are pleased to have helped to achieve a successful outcome for the shareholders of Minster and Croftwood Care Groups and wish them success under their new arrangement with Impact Healthcare."

Other recent public markets healthcare work includes advising a leading specialist social care provider, CareTech Holdings plc, on their latest over-subscribed placing, raising £39 million in March 2017.