Barchester Healthcare agrees refinancing

4th September 2013

Barchester Healthcare is delighted to confirm today that it has completed the sale and leaseback of certain Barchester property assets with Ravenshill International Ltd. Ravenshill is a group of experienced real estate investors who are seeking a long term partnership with Barchester.

Baroness Ford, Chairman of Barchester Healthcare, commented: "I am absolutely delighted to have agreed a long term financing solution which guarantees certainty for the Company and enables us to keep providing the highest possible quality of life for our residents. Our debt has been completely repaid and we now have the operational stability and financial flexibility to continue making improvements to what is already the highest quality portfolio of care homes in the UK."

Under the terms of the transaction, all acquired property assets will be leased back to, and continued to be operated by, Barchester for a period of 23 years. The net proceeds of the transaction will be used by Barchester to pay back all existing lenders and for the continued development of the business.