Prestbury has paid healthcare operator Capio AB £686m for a portfolio of 21 private hospitals. The Times. Daily Telegraph

A consortium backed by Sir Tom Hunter’s West Coast Capital, Icelandic investor Baugur and Bank of Scotland bought the hospitals for Prestbury’s P1 fund, which has £475m to invest.

The hospitals are to be leased back to Capio on 30-year leases, with an initial rent of £39.5m a year.

Nick Leslau, chairman of Prestbury, said the acquisition offered 'all the defensive qualities we look for in long-term sale and leasebacks. We were happy to deal with the consortium on an exclusive basis and conclude this complex deal in two weeks from start to finish. We have considerable appetite and resources to do much more in the sale and leaseback arena.'

Sweden-based Capio AB was bought last year by a private equity consortium of Apax Partners, Nordic Capital and Apax France. It also operates hospitals in France, Germany, Spain and across Scandinavia.