Spire Healthcare has sold its Cheshire hospital for £89m as part of a sale and leaseback agreement that will see it continue to operate the facility.
The healthcare provider also announced that its purchase of the Claremont Hospital from Aspen for £15.7m, as reported by Health & Protection in September, was completed on 30 November.
Spire confirmed the end of its lease and operations of its Sussex hospital, which is being handed back to East Sussex Healthcare Trust, is due to be completed in the first quarter of 2022.
Once all three transactions have been completed its network of hospitals and clinics around the UK will comprise 19 freehold and 20 leased properties.
£23m profit
Spire said it would receive £85m from the Cheshire hospital sale to NWI Jersey once deal costs and taxes were included, generating a profit of approximately £23m on gross assets of £66m.
It will continue to operate the hospital and will lease the property at an initial rent of £3.8m, with annual rent inflation linked to the consumer prices index (CPI) and capped at 4%.
Spire said proceeds would be used “to provide financial flexibility for post-Covid opportunities, and an improved cash position while Covid-19 uncertainty continues.”
It is also re-financing its existing bank debt in 2022 which is due to mature in mid-2023.
The Cheshire hospital is rated outstanding by the CQC and comprises 46 beds, three main theatres and a minor operations room.
Spire said the transaction will have no impact on the operation of the hospital or patient care.
Earlier this year Spire shareholders rejected a proposed £1.4bn takeover by Ramsay Health Care in July after witnessing a record surge in self-pay patients in the first half of 2021.
