Treetops offloads sites in sale-and-leaseback deal
One of the largest nursery groups in England has sold the freehold of its 18 nurseries in a multi-million-pound sale-and-leaseback deal.
Treetops, which is based in Derby, offers 1,300 childcare places and has 350 employees at sites throughout England. It has rented back the nursery buildings from Jersey-based unit trust the PINE Fund, which has bought the settings.
The fund works by buying freeholds and leaseholds of nurseries with a minimum of 45 registered places and renting them back to the childcare provider on 15- to 35-year-leases.
The fund now owns 38 freehold nurseries, including nine Busy Bees sites, five of Scotland's Bertram Group and a £3.75m nursery in Fulham, London, operated by Happy Times.
It has concluded deals worth more than £45m since its launch in 2005.
PINE Fund managing director Alan Proto said, 'The recent acquisition of the 18 nursery settings demonstrates our continuing growth as we join the key players in this sector as one of the largest owners of freehold nurseries. Through our transactions we are continuing to help nurseries realise their assets and use funds generated by sale-and-leaseback transactions to provide the best facilities available in this increasingly competitive sector.'
