Residential Care Provider of the Year sold for £153m

Sunrise Senior Living and Health Care REIT (HCN) have completed the acquisition of Gracewell Healthcare, purchased from investment firm Patron Capital for £153m.

Gracewell Healthcare, which consists of 11 modern care facilities, has become an attractive prospect to buyers thanks to services that have been successful in winning multiple awards for quality, including the prestigious 2014 Residential Care Provider of the Year from HealthInvestor Magazine.

HCN chief executive Tom DeRosa commented on the deal: “HCN has built a strategic position in the UK as the leading partner to the premium, private pay seniors housing industry. This latest acquisition brings together the operating expertise of Sunrise, the development expertise of Gracewell and the strategic capital of HCN.

"We are pleased to expand our relationship with our largest operating partner by building on our leading position in the highly attractive Greater London and Southern England markets. We’re highly confident in the Sunrise management team and their ability to deliver a premium product to their residents in the US, Canada and the UK.”

Sunrise chief executive Chris Winkle also commented: “Through our best-in-class platform and capital partnership with HCN, Sunrise is strongly positioned to grow. We’ve been operating premium seniors housing communities in the UK for more than a decade and have a tremendous local operating platform through our exceptional portfolio of 27 communities, which are concentrated in Greater London and Southern England, that we manage for HCN.”

HCN have also confirmed they are working on further developments that will be added to the Sunrise portfolio.