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Patron Capital sells care home business for £153 million

Patron Capital sells care home business for £153 million

Patron Capital Partners, the pan-European institutional investor, has sold its Gracewell Health Care business for £153 million.

The company’s portfolio of 11 retirement communities has been acquired by property investment trust, Health Care REIT. Sunrise Senior Living has purchased the management company.  

Patron’s investment in the business and the private-pay communities began in 2010; the Gracewell portfolio comprised 767 units, primarily based in Southern England.

Patron will continue as a partner with Health Care REIT, Sunrise Senior Living and Gracewell’s founders – Tim Street and Daniel Kay. The partnership is founded on the redevelopment of an existing retirement community and a development pipeline of 11 additional homes with 812 units chiefly located in Greater London and Southern England.

Commenting on the new partnership, Managing Director at Patron Capital, Keith Breslauer said: “Patron’s strategy is to invest a further £200 million in this asset class, in the care homes business, the healthcare industry in general, as well as our specialty care business, Badby Park.”

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