LNT Care Developments completes £1.1 bn sale‑and‑leaseback of 45 UK care homes to CareTrust REIT
LNT Care Developments sold the freehold of 45 care homes across England and Wales to US‑based CareTrust REIT for about £1.1 billion. The portfolio includes 24 homes that have been completed in the last two years and 21 that are still under development. LNT will retain the operation and management of the homes through its Crystal Care Collection platform. The deal was advised by Freeths and Slaughter & May for LNT and by J.P. Morgan and Lazard for CareTrust.
Why it matters
The transaction provides CareTrust REIT with a large foothold in the UK care‑home market, while giving LNT access to capital to fund further development. Investors in CTRE may benefit from the stable cash flows of an expanded UK care‑home portfolio, according to the companies' statements.
Key facts
- 1The sale and leaseback transaction is valued at approximately £1.1 billion. freeths.co.uk
- 2The deal covers 45 operational and in‑development care homes across England and Wales. freeths.co.uk
- 324 of the homes have been completed within the past two years. insidermedia.com
- 421 homes are currently under development. insidermedia.com
- 5LNT’s operating platform, Crystal Care Collection, will continue to manage and operate the homes. insidermedia.com
- 6Freeths and Slaughter & May acted as legal advisers to LNT; J.P. Morgan and Lazard were financial advisers to CareTrust, and Jones Day advised CareTrust on legal matters. insidermedia.com
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.