Patron divests Gracewell Healthcare

Patron has sold Gracewell's 11 elderly housing communities to HCN, while the management company has been sold to Sunrise Senior Living.

Follwing the deal, Patron will continue to work with both HCN and Sunrise by financing a £200m redevelopment programme of one community in the portfolio and a pipeline of 11 additional communities with 812 units located in greater London and southern England.

The divestment comes in the same week as Patron's acquisition of Murco Petroleum's retail assets by portfolio company Motor Fuel Group. The deal was said to be worth in the region of £200m.

Company
Headquartered in Watford, Gracewell's portfolio comprises 767 purpose-built units in southern England. The majority of the portfolio has been built since 2012.

The company opened six new-build care homes in the last 18 months and will open two more by the end of 2014. According to the company, it aims to have grown to between 25-35 care homes by 2017.

Tim Street and Daniel Kay, both senior advisers at Patron, set up Gracewell in 2010.

People
Tim Street and Daniel Kay are co-founders of Gracewell. Keith Breslauer is Patron's managing director. Tom DeRosa is CEO of Healthcare REIT.

Advisers
Vendor - CBRE (Financial due diligence); Travers Smith (Legal); Deloitte (Corporate finance); Macfarlanes (Legal).

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