Hogan Lovells advised the Schroder UK Property Fund on the development and leasing of five care homes in Suffolk. The deal was signed on 20 December 2012.
Schroders will acquire freehold sites in Framlingham, Haverhill, Mildenhall, Lowestoft and Ipswich from Care UK, who will then redevelop them (with funding from Schroders) as residential care homes and take a 30-year lease to occupy and operate them.
These homes, some of which are existing operational homes that will be redeveloped, while others are former school sites, will be used by Care UK to support the contract it entered into with Suffolk County Council in November 2012 to outsource the Council’s elderly care provision.
Hogan Lovells advised Schroders on all elements of the deal, including a contractual and security package designed to offer as much protection as possible against a Southern Cross-style insolvency.
The Hogan Lovells’ team comprised Dion Panambalana, Simon Keen and Daniel Norris, with support from Gillian Thomas, Andrew Welbourn, Cheryl Enayati and James Larmour.