Client information

PINE Fund

Andrew Barnsley and Kosta Kangelaris have advised HTC Healthcare Group (“Happy Times”) on the disposal of the Richmond nursery to Casterbridge Care and Education (“Casterbridge”).

Nexus Corporate Finance raised £39 million for The Pine Fund, a property fund which acquires the freehold interest of nursery buildings. The PINE Fund concentrates on purchasing mature freeholds and portfolios of day nurseries with a minimum of 45 registered places from operators anywhere in the UK. Once purchased, the fund immediately rents the day nurseries back to the operator on a 15 - 30 year lease.

The PINE Fund allows fast-growing nursery groups to raise the maximum amount of funds to pay for further construction or acquisitions. As well as funding existing day nurseries owned by an operator, it can provide finance for groups to acquire units from other operators too.

Nexus Corporate Finance negotiated debt commitments with AIB and Co-op, brought in a £14 million equity investment from Electra Partners and a further £25 million of equity from other investors.

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Property

Harry Hyman
Joe Choong
Tony Brown

www.thepinefund.com
www.electrapartners.com