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Report: Lone Star mulls IPO of £500M UK care home portfolio

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Report: Lone Star mulls IPO of £500M UK care home portfolio

Lone Star Funds appointed Numis Securities to advise on the potential IPO of a care home portfolio it owns in the U.K., Property Week reported.

The portfolio comprises over 100 healthcare properties that altogether offer at least 6,000 beds, with a weighted average lease term of 20-plus years. The Patient Properties portfolio is valued at roughly £500 million with £100 million of debt. If listed, its market cap is expected to stand at £400 million and the properties will be managed by asset manager Layland Walker, the news outlet added.

A website by Layland Walker puts the number of care homes and beds in the healthcare property portfolio at about 110 and 6,600, respectively, in England, Scotland and Wales.

Exiting the portfolio through a trade sale is also in Lone Star's radar, according to the report. If it ends up following the IPO route, its entire stake in the portfolio will be sold.

The American private equity firm declined to comment for the report.