UNQUOTE

UK - Blackstone completes full exit from South Cross Healthcare

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Blackstone has augmented its proceeds from the July listing of Southern Cross Healthcare by selling the 43% stake it retained post-float. The full exit added ТЃ127.5m to the cash already realised from the UK's largest nursing home operator. Total returns from the deal are estimated to be in the region of 4x.

After a two month postponement of the IPO, Blackstone listed Southern Cross at the lower end of its 225-280p price range. Blackstone sold the remainder of its shares at a price of 318.75p. It acquired the company in a £165m secondary management buyout from investors led by Lyceum Capital in 2004 and added to it with the acquisition of Nursing Home Properties worth £564m in early 2005.
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