Care REIT Secures 448m Buyout Offer from CareTrust REIT
Deal News | Mar 12, 2025 | Travers Smith
Travers Smith is advising two UK-based healthcare Real Estate Investment Trusts (REITs), Care REIT plc and Assura plc, on their respective public takeovers by US bidders. This marks a continuation of the trend of consolidation in the London REIT market. Care REIT plc, which manages healthcare properties across the UK, has accepted a cash offer valued at £448m from NYSE-listed CareTrust REIT, Inc., a firm owning over 400 properties across 34 US states. Meanwhile, Assura plc, involved in healthcare building development and management across the UK, received a £1.607bn cash offer from a consortium of investors, including KKR and Stonepeak Partners, as well as a proposed all-share merger from Primary Health Properties plc, which was not accepted. The advisory team from Travers Smith is led by Head of Transactions Aaron Stocks and Partner Ben Lowen, with support from their colleagues, highlighting the firm's comprehensive legal expertise in handling significant international M&A deals.
Sectors
- Real Estate Investment Trusts (REITs)
- Healthcare
- Mergers and Acquisitions
Geography
- United Kingdom – Both Care REIT plc and Assura plc are based in the UK and manage properties across the country.
- United States – The bidding companies, CareTrust REIT, Inc, and the consortium including KKR and Stonepeak Partners, are based in the US.
Industry
- Real Estate Investment Trusts (REITs) – The article involves healthcare REITs, with Care REIT plc and Assura plc being targets in the takeover bids.
- Healthcare – Both the target companies, Care REIT plc and Assura plc, operate within the healthcare sector, managing and investing in healthcare properties.
- Mergers and Acquisitions – Involves the acquisition of UK REITs by US-based companies, typical M&A activities.
Financials
- £448m – The cash offer from CareTrust REIT, Inc. for Care REIT plc.
- £1.607bn – The possible cash offer from KKR and Stonepeak Partners for Assura plc.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Travers Smith | Legal Advisor | Company | The law firm advising on the takeovers of Care REIT plc and Assura plc. |
| Care REIT plc | Target Company | Company | A healthcare REIT owning and managing care homes and healthcare properties in the UK. |
| Assura plc | Target Company | Company | A REIT involved in developing and managing healthcare buildings in the UK. |
| CareTrust REIT, Inc. | Bidding Company | Company | A US-based REIT with a substantial portfolio across the United States offering to acquire Care REIT plc. |
| KKR and Stonepeak Partners | Bidding Consortium | Company | A group of infrastructure investors offering a cash proposal for Assura plc. |
| Primary Health Properties plc | Bidding Company | Company | Proposed an all-share merger offer to Assura plc, which was rejected. |