CARE home operator Southern Cross has sold the freehold interest of nine of its care homes for £30m, the group announced yesterday.
The Darlington company will keep the leasehold of the homes, which were acquired in May, to the undisclosed company for a "nominal consideration".
In a statement to the Stock Exchange yesterday, Southern Cross also said it was capitalising on a right to buy option over five homes in Scotland - one of the company's targeted growth areas - which would add another 284 beds to its portfolio of 34,000.
Chief executive Philip Scott said: "The divestment of the freehold interest of these properties reinforces the strength of Southern Cross' covenant with landlords, which enables us to acquire the underlying operating businesses for a nominal consideration and thus create substantial shareholder value.
"With continuing support from new and existing landlords for these transactions, we remain very positive about the ongoing growth opportunities for Southern Cross."
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