The High Court has cleared the way for the sale of NHP Group’s 282-strong portfolio of UK nursing homes to continue.
A judgment from Richard Snowden QC rejects US hedge fund Anchorage Capital’s claims that it is the “controlling party” in the underwater CMBS.
Anchorage Capital last year bought into the £638m Libra loan which is the sole loan remaining in the £1.1bn Titan Europe 2007-1 CMBS.
As the class E-note holder Anchorage then attempted to assert its right as controlling party to replace special servicer Capita with Mount Street Asset Management, which would have derailed Capita’s sales process.
The judgment found that the issuer of the securitisation was the “controlling party” so the Capita-sanctioned sales process being run by EY and Deutsche Bank is set to continue.
US investors, Formation Capital and healthcare REIT HCP, Patron Capital, Duke Street, Foundation Healthcare and Fondia Investment Management. Terra Firma, which bought Four Seasons Healthcare for £825m in 2012 all bid for the business before the sales process was halted.
The property portfolio now operated by HC-One was valued at £1.3bn in 2007 but this had fallen to about £529m in December 2013.
?bridget.connell@estatesgazette.com
