Tue, 23 Aug 2011 | BUSINESS SALE
One of the largest private hospital groups in the country, Spire Healthcare, has announced that it is considering selling off its property portfolio.
The group, which is owned mainly by private equity firm Cinven, runs 37 hospitals across the UK, which treat over 930,000 patients annually.
According to the Daily Mail newspaper, it has instructed Bank of America Merrill Lynch to 'explore options for the real estate portfolio', in a bid to reduce its net debt, which spiralled to £1.24 billion at the end of last year.
The debt needs to be repaid between 2014 and 2018 and a property sale is thought to be the most likely way of doing so as the portfolio could raise as much as £1 billion.
Spire's annual report - which was released in July this year - revealed that its full-year earnings before tax rose by 12 per cent year on year to £168 million. Its plant, equipment and property was also valued at £1.48 billion in the annual report, whilst Rob Roger, the group's chief executive said that a 3.2 per cent year-on-year rise in patients who funded their own treatment had offset falling revenues. Despite all this, a property sale is still thought to be necessary.
Other large healthcare groups with debts that need to be repaid soon include Partnerships in Care – which has to pay off £440 million by 2015 – and Four Seasons, which has to pay £800 million by 2012. Castlebeck, the mental healthcare provider, has to pay off £220 million by 2012.
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