Business
Disposal of Willowbrook Healthcare
Disposal of Willowbrook Healthcare.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 2600L Graphite Enterprise Trust PLC 08 August 2013 \n \n\nANNOUNCEMENT TO STOCK EXCHANGE\n \nGRAPHITE ENTERPRISE TRUST PLC\n \n8 August 2013\n \nGraphite Enterprise Trust PLC (\"the Company\") announces that Graphite Capital Partners VII (\"Graphite VII\") has sold its investment in Willowbrook Healthcare (\"Willowbrook\"), the operator of premium quality care homes for the elderly. Willowbrook was the Company's sixteenth largest underlying investment at 30 April 2013.\n \nGraphite VII established Willowbrook in October 2008 and has sold the business to the management team with the backing of a large US healthcare property investor.\n \nThe exit price represents an uplift of more than 40% to the gross carrying value of the investment at 30 April. Taken in isolation, the effect of the disposal is to increase the Company's net asset value per share by 2.8p to 638.5p, or by 0.4% compared with that at 30 April. Graphite VII is expected to distribute proceeds of approximately £7 million to the Company shortly. \n \nThis exit, taken together with the events reported in the June interim management statement (the disposal of Vue Entertainment, flotation of Partnership, and performance of Graphite VII portfolio), increases net asset value per share by approximately 2.8% since 30 April.\n \nWillowbrook has been a successful investment for Graphite, growing to 13 freehold homes with capacity for 880 residents and 938 employees in the four years since its inception. All of these homes were newly built and are among the highest quality care homes in the UK. Willowbrook's very high standards of care have enabled it to achieve high occupancy levels and a strong financial performance.\n \nThe disposal of Willowbrook represents the fifth disposal by Graphite Capital in the last ten months, following the exits of NES Group, Tileco, Optimum Healthcare and Dominion Gas.\n \nThe Company's results for the six months ended 31 July 2013 will be announced on 25 September 2013.\n \n- Ends - \n \nFor further information please contact:\n \n\n\n\n\nTim Spence\n\n\n020 7825 5358\n\n\n\n\nEmma Osborne\n\n\n020 7825 5357\n\n\n\n\n \n \nNotes \n \nGraphite Enterprise Trust PLC\nGraphite Enterprise Trust PLC (\"Graphite Enterprise\" or \"the Company\") ...