Primary Health Properties acquires Sarak Group for £4.5 million

Primary Health Properties acquires Sarak Group for £4.5 million

LONDON, UK: Primary Health Properties PLC, one of the UK’s leading investors in modern primary healthcare facilities, announces that it has acquired the entire issued share capital of Sarak Group Limited, whose sole asset is the Crwys Medical Centre in Cathays, Cardiff, for a total consideration of £4.5 million.

Of the total consideration, approximately £1 million will be satisfied by the issue at completion to two of the sellers of 595,167 new ordinary shares of 12.5 pence each in the capital of PHP and the balance in cash.

The Crwys Medical Centre is a modern, purpose-built primary care centre, comprising 9,384ft2 of lettable space, over three floors. The property is fully let to a large local GP practice serving over 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 circa 80% government backed income.

This acquisition will increase PHP’s portfolio to a total of 516 assets, of which 19 are in Ireland, with a contracted rent roll of over £138 million.

Harry Hyman, CEO of Primary Health Properties, commented: “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.”

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