Priory Coxlease School sold for £16.25m
During the last quarter of 2010, Vector successfully sold the freehold interest of Coxlease, a specialist school operated by The Priory Group for children with EBSD and Autism.Price achieved £16.25m. Priory agreed a 30 year lease with annual RPI rental uplifts, collared and capped at 2% and 5% respectively. The agreed rent of £1.366m reflected approximately two times rent cover against EBITDAR.
Richard Harris commented: "This is a rare commodity and the first time that Priory have sold one of their highly regarded education facilities on the sale and leaseback basis following their recent programme of care home sales. We are delighted to have achieved this sale in what is considered a very specialist area of investment but one which we believe will mature over forthcoming years"