Primary Health Properties PLC (LSE:PHP, FRA:PP51) has acquired Sarak Group, whose sole asset is the Crwys Medical Centre in Cathays, Cardiff, for a total consideration of £4.5mln.
Of this, approximately £1 mln will be satisfied by the issue at completion 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 property is fully let to a large local GP practice serving over 8,000 patients and to a pharmacy with a weighted average unexpired lease term of 13 years,
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 £138mln.
Harry Hyman, Primary Health’s chief executive, said: “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.”