Liberty House
222 Regent Street

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On the 1st November 2011 HC-One, a new health care provider, was officially launched. Created by a partnership between NHP and health and social care turnaround experts Court Cavendish, HC-One is now responsible for the continued operation of 241 former Southern Cross care homes which are owned by NHP.

For more information on HC-One, please visit www.hc-one.co.uk.

NHP Overview

The NHP Group ("NHP") is a property company which owns 297 freehold and long leasehold investment properties, comprising 294 care homes and 3 nurse accommodation homes, located throughout the UK.

The current board of directors of NHP are Jeremy Jensen, the Chief Restructuring Officer ('CRO') appointed on 19 December 2008 and Paul Thompson, the non executive director appointed on 6 November 2009; both of whom are partners in The Aaronite Partnership LLP a specialise turnaround advisory firm.

NHP Management Limited manages the property portfolio and administers the 39 group companies. It also manages the compliance obligations and reporting to the lenders, accounting and tax, collection of rents, insurance, inspections and asset management/liaison with its tenants.

Of NHP's six tenants Southern Cross Healthcare was by far the largest with 249 properties accounting for 88.7% of the annual rent. The other tenants are Four Seasons Healthcare, Care Management Group, Craegmoor Healthcare, Methodist Homes and Hillcroft Nursing Homes.

Following the financial difficulties of Southern Cross, NHP has taken back the homes it leased to them and has appointed Court Cavendish Limited a healthcare turnaround specialist to manage its operating subsidiary HC-One Limited.

The original shareholders of the NHP group were backed by Qatari funds. The current corporate and financial structure dated from January 2007 when the business was financed by a Libra Whole Loan of £1,172m and a PIK Loan of £70m.

Due to the decline in the property market in 2008 there was a significant fall in the value of the portfolio in September 2008. The LTV ratio was breached and the shareholders declined to cure the breach with an injection of equity. The loan entered standstill on 12 November 2008 when interest to the subordinated debt was suspended and a Special Servicer was appointed under the terms of facility documentation.

Capita Asset Services UK Limited ("Capita") is the Special Servicer to the Libra Whole Loan, which has been partly securitised within the Titan Europe 2007-1 (NHP) Limited CMBS transaction. Capita represents the Libra Whole Loan lenders (the lenders to the NHP Borrower) and its role is to act on behalf of such lenders, to resolve the defaulted Libra Whole Loan for the benefit of the lenders. Capita does not act on behalf of the NHP Borrower ("NHP") nor administer or manage it in anyway. The NHP directors represent NHP in discussions with the lenders and the Special Servicer; and manage the daily operational management of the NHP Group.

Media Contacts

Any press related queries should in the first instance be directed to the HC-One Press Office - Please call 0800 014 8509 or email press@hc-one.co.uk.