With just weeks to go, high-end care home operator Barchester has completed a sale and leaseback deal on a significant of its properties in a move that has seen it eliminate its rumored £1.3bn debt, a figure that the company had been due to repay in October. The deal, the value of which was not disclosed, has seen a real estate investment group Ravenshill International Ltd buy a number of yet to be revealed Barchester properties. Under the terms of the transaction all acquired property assets will be leased back to, and continued to be operated by Barchester for a period of 23 years. The net proceeds of the transaction will be used by Barchester to pay back all existing lenders and also includes monies which will be used to fund continued development. Chairman of Barchester Baroness Ford said: I am absolutely delighted to have agreed a long term financing solution which guarantees certainty for the company and enables us to keep providing the highest possible quality of life for our residents. Our debt has been completely repaid and we now have the operational stability and financial flexibility to continue making improvements to what is already the highest quality portfolio of care homes in the UK.
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