US-listed alternative asset manager, Blue Owl Capital, in partnership with UK-based specialist international real estate private equity investment and asset management firm, Moor Park Capital Partners, have completed the acquisition of a portfolio of 12 acute-care hospitals operated by Spire Healthcare Group plc, the UK’s leading private hospital operator. News reports point to Malaysia’s Employees Provident Fund as the seller of the portfolio in a deal valued at around £1.3bn (US$1.74bn).
“The acquisition of the Spire portfolio represents a strategic investment in a portfolio of high-quality UK private hospitals with a market leading tenant, well-structured long-term leases and significantly accelerates the expansion of our European Net Lease strategy,” said Marc Zahr, co-president and global head of Real Assets at Blue Owl. “This transaction builds on the firm’s experience investing across the healthcare landscape and represents an opportunity to capitalise on the strong supply and demand fundamentals in the European healthcare real estate sector.”
The deal marks the beginning of a long-term strategic partnership between Moor Park, founded by Gary Wilder, Shemeel Khan and Jagdeep Kapoor, with Blue Owl to build a leading international platform focused on healthcare operational real estate. Blue Owl and Moor Park will continue to pursue opportunities in the space.
“As corporate owners increasingly seek to unlock capital from mission-critical real estate while retaining operational control, we look forward to partnering with investors to deliver innovative corporate net lease and sale-and-leaseback solutions in considerable size that generate liquidity, lower the cost of capital and support long-term growth in shareholder returns,” according to Moor Park Capital.
The acquisition was financed by a new secured term loan, with Standard Chartered Bank, Natixis and Crédit Agricole CIB acting as joint MLAs and lenders to the transaction.
Advisors
Rothschild & Co served as Blue Owl’s exclusive financial advisor. Kirkland & Ellis and Hogan Lovells served as Blue Owl’s legal counsel. Deloitte served as Blue Owl’s tax and financial due diligence advisors.
Press release: Funds Managed by Blue Owl Capital Complete Acquisition of Spire Healthcare Portfolio
