Primary Health Properties, a real estate investment trust which invests in modern primary healthcare facilities, has acquired Sarak Group, whose sole asset is the Crwys Medical Centre in Cathays, Cardiff, for £4.5 million.
Of the consideration, approximately £1 million will be satisfied by the issuing to two of the sellers of 595,167 new ordinary shares of 12.5p each in the capital of PHP and the balance in cash.
The Crwys Medical Centre is a modern, purpose-built primary care centre, comprising 9,384 square feet of lettable space, over three floors. The property is fully let to a large local GP practice with more than 8,000 patients and to a pharmacy. The two leases, with a weighted average unexpired lease term (WAULT) of 13 years, are accretive to the portfolio WAULT and providing for around 80% government backed income.
This acquisition will increase PHP’s portfolio to 516 assets, 19 of which are in Ireland, with a contracted rent roll of more than £138 million.
Harry Hyman, chief executive of Primary Health Properties, said: “We are delighted to have acquired this modern purpose-built primary care centre, further increasing the group’s footprint. The medical centre plays an important role in the provision of primary care in the local health economy being one of the only modern purpose-built buildings in the immediate area.
We have a strong pipeline of opportunities in the UK and Ireland and are well-positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure.”
Sister companies of HealthInvestor UK have an interest in PHP
Date published: September 8, 2021