Contacts

Andrew McLean

Partner

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Andrew Edge

Partner

Read More
Contacts

Andrew McLean

Partner

Read More

Andrew Edge

Partner

Read More

27 September 2021

Aspen Healthcare sold to Canadian-based property trust

We have helped secure the sale of the private healthcare company behind London's Parkside and Highgate hospitals.

The deal saw Aspen Healthcare, which runs eight hospitals and clinics around the UK, sold to NorthWest Healthcare Properties Real Estate Investment Trust.

The Canadian-based healthcare property trust took over in August this year, but it already owned some of the sites leased by Aspen Healthcare. 

Our team worked with specialist insurance broker Howdens to help arrange a "synthetic" warranty and indemnity, and tax deed insurance package for the buyer.

This is one of the first synthetic policies written in the UK market and may become a feature in future administration or insolvency situations.

Previously Aspen Healthcare was owned by NMC Healthcare, the UAE's largest private operator, before it went into administration in 2020.

In July last year administrators Alvarez & Marsal and NMC Healthcare made the decision to sell non-core businesses, including Aspen Healthcare.

Corporate Partners Andrew McLean and Andrew Edge acted for NMC when it acquired Aspen Healthcare in 2018 and were brought back in by NMC Healthcare and Alvarez and Marsal to advise on this latest transaction.

Corporate Partner Andrew McLean led on the project. He said, "this was an immensely complex deal which took over a year to complete due to the many complications involved. We are very happy that agreement  was reached which has been a successful solution for all involved."

He was supported by Andrew Edge, a corporate partner with significant healthcare deals experience. 

Perella Weinberg & Partners advised on the sale process, led by Jeff Stute and Wasif Syed. 

NorthWest was advised by Clifford Chance, led by partners Nick Spurrell, Adrian Levy and Ian Painter.

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