Arnall Golden Gregory Key Player in International Healthcare Real Estate Deal

ATLANTA, Sept. 26, 2013 /PRNewswire/ -- A team of Arnall Golden Gregory attorneys with expertise in real estate, healthcare, and domestic and international tax assisted Griffin-American Healthcare REIT II with its approximately $448 million acquisition of 44 premium senior housing and care facilities in England, Scotland and the English Channel Island of Jersey. 

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In the complex purchase/lease-back transaction, Griffin also agreed to provide approximately $107 million-plus of construction financing for seller Myriad Healthcare Limited's current and future development projects, resulting in a total transaction exceeding $500 million.

AGG served as Griffin's primary outside counsel, working closely with UK firm Berwin Leighton Paisner LLP.  

The transaction was structured as an "op-co, prop-co" split, whereby the seller operator transferred its business assets to an affiliate.  Griffin then acquired the entire issued shares of the companies owning the real estate.  The extraordinary deal included (i) the seller reorganizing to achieve desired tax results and UK treasury approval, (ii) obtaining regulatory approvals in three separate UK jurisdictions, (iii) writing down and paying off Myriad's debt to the Bank of Scotland, and (iv) international tax matters affecting Griffin's REIT status. 

Steven A. Kaye, co-chair of AGG's Real Estate Practice and co-leader of the Healthcare Real Estate Team, and Joseph E. Gotch Jr., partner in the Corporate and Securities Practice, led the team that supported Griffin. Others involved were Heather L. Preston, Cleburne E. Gregory III and Zach Wilson (tax); Robert F. Dow (SEC reporting); Neil W. Hoffman, Ph.D. and Hedy S. Rubinger (healthcare regulatory); James T. Rauschenberger (finance); and Christina W. Malone (real estate).

"We are grateful for the opportunity to help guide our valued client in a transaction of this size, complexity and importance," said Mr. Kaye. 

ABOUT ARNALL GOLDEN GREGORY LLP

Arnall Golden Gregory, with more than 150 attorneys in Atlanta and Washington, DC, employs a "business sensibility" approach, developing a deep understanding of each client's situation in order to find a customized, cost-sensitive solution.  Selected for The National Law Journal's prestigious 2013 Midsize Hot List, the firm advises on corporate, litigation and regulatory matters for numerous industries, including business services, healthcare, life sciences, logistics and transportation, real estate, franchising, information services, energy, and manufacturing.  AGG is a solutions partner that subscribes to the belief "not if, but how."

Media Contact: Kevin Duffy, 404-873-8131

SOURCE Arnall Golden Gregory LLP

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