Southern Cross Investment Portfolio Sale

10 July 2008

In 2007 King Sturge were instructed to market and sell four care homes and an autism centre on behalf of a company advised by Consensus and ThreeDelta.
The properties are let to Southern Cross (RZ) Limited and Moorpark Kilbernie Ltd with a guarantee from Southern Cross Bidco Limited for a term of 30 years from 2005. The rent on all six is subject to upward only annual increases of 2.5% per annum throughout the term. The team focused on a targeted marketing campaign which centred around personal contacts with a limited short list of investors who had a specific interest in the healthcare sector. A deal was agreed and completed at in excess of the asking price of £30 million with a private purchaser.