The freehold interest in Crwys Medical Centre in Cardiff has been acquired in a £4.5m deal.
The asset has been bought by Primary Health Properties plc, one of the UK’s leading investors in modern primary healthcare facilities.
The asset has bene sold by Sarak Group. Two of its shareholders will each receive approximately 595,167 shares worth 12.5 pence each in PHP (combined £1m) with the balance in cash.
The Crwys Medical Centre is fully let to a GP practice serving over 8,000 patients and a pharmacy. The two leases have a weighted average unexpired lease term of 13 years. The surgery building was the sole asset of Sarak Group.
The 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 £138m.
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.”
Cardiff-based corporate advisory firm GS Verde advised the shareholders of Sarak Group on the deal alongside Pontypridd firm Sullivans Accountants.
