The value of real estate held by Four Seasons Healthcare has fallen more than a third, according to a recent assessment by Knight Frank.

The report values the entire Four Seasons portfolio of more than 300 homes and 17,000 beds at £929m. Just over two years ago, in August 2006, the portfolio was assessed at £1.49bn.

A separate report by PwC estimated the care home operator’s enterprise value – combining property assets and the value of the business itself – at about £1.2bn, although no sale of the business is being planned, according to people familiar with the situation. Four Seasons and PwC declined to comment.

Negotiations to restructure the company’s outstanding £1.5bn of debt have been continuing since the summer, when it first became apparent that the highly leveraged company would not be able to meet a September debt repayment deadline.

Four Seasons’ creditors have now agreed to a “standstill agreement”, postponing the debt repayment deadline until January.

Financial Times