Independent hospital group Spire Healthcare has agreed terms for the sale-and-leaseback of its Spire Cheshire hospital to NWI Jersey for £89m.
The group said the sale would generate a book profit of £23m. It will continue to operate the hospital and will lease it back at an initial rent of £3.8m, with annual rental inflation linked to CPI and capped at 4%.
Spire Cheshire is a medium-sized hospital comprising 46 beds, three main theatres and a minor operations room.
Proceed from the sale will be used to provide financial flexibility for post-Covid opportunities, and an improved cash position while Covid-19 uncertainty continues and to re-inance its existing bank debt, which is due to mature in mid-2023.
Spire Healthcare owns 19 freehold and 20 leased properties.
To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews
