Primary Health Properties PLC (PHP.L), on Tuesday, said it acquired the entire issued share capital of Sarak Group Ltd., whose sole asset is the Crwys Medical Centre in Cathays, Cardiff, for a total consideration of £4.5 million.
Of the total consideration, about £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.
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.
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 or WAULT of 13 years, are accretive to the portfolio WAULT and providing for circa 80% government backed income.
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