Georgian private hospital sold in £347m portfolio sale

Rowley Hall Hospital

A specialist property firm has disposed of eight of its 19 private hospitals, including a Georgian listed building in Staffordshire, in a £347m deal.

Secure Income REIT has sold the properties to an American healthcare property investor, Medical Properties Trust. They will continue to be operated by Ramsay Health Care.

The properties in the portfolio sale are located across England and include Rowley Hall Hospital near Stafford. The listed building, which is in five acres of Rowley Park, has been a hospital for more than 30 years.

The eight sites have an annual rent of £16m and represented one-third of Secure Income’s £1bn property portfolio operated by Ramsay Health Care.

Secure Income’s chairman Martin Moore said: “We believe that shareholders are best served by our active approach to portfolio management, recycling capital where it is prudent and advantageous to do so.

“This attractive offer, which represents a 19% premium above the December 2018 valuation, allows shareholders to realise some upside while still retaining a core holding of 11 high quality acute hospitals.”

Those 11 properties, which are also let to Ramsay Health Care, were valued at £643m at the end of 2018.