Cathedral Healthcare the specialist healthcare property developer, has today announced the sale, through CHH Ltd, of nine primary healthcare facilities to Primary Health Properties PLC (“PHP”) for a total cash consideration of £39.225 million, to be financed from PHP’s existing cash facilities.
Of the nine centres being acquired, three are still under construction and are anticipated to be completed by the end of 2007. In addition, two of the completed facilities are undergoing extension work, which is anticipated to be completed at the same time.
An initial payment of approximately £31m will be paid on completion of contracts, with the balance to be satisfied once the development work on all the facilities is finished.
Barry Bennett, Chairman of Cathedral Healthcare said: “This deal will provide us with the funding to grow our healthcare development portfolio significantly. Over the last 8 years we have built a series of high quality facilities enabling our partners to provide the very best primary healthcare services for their communities. This injection of funding allows us to build on that success.”
Notes to editors:
Cathedral Healthcare was formed in 1998 to develop primary healthcare properties. The company specialises in funding and developing a wide range of facilities including medical centres, doctors’ surgeries, community hospitals and nursing homes across England. The company has built a strong reputation for delivering complex projects both independently and as part of wider regeneration projects.
The nine primary healthcare facilities in the disposal portfolio are:
St George’s Medical Centre, Sheerness, Kent
Hetherington Group Practice, London, SW4
Hailey View Surgery, Hoddesdon, Herts
St. Stephen’s Gate Medical Centre, Norwich, Norfolk
Robin Hood Lane Health Centre, Sutton, Surrey
Milton Keynes Medical Centre, Milton Keynes, Beds
Sheerness Medical Centre, Sheerness, Kent (completion end 2007)
Dumbledore Primary Care Centre, Handcross, Sussex (completion end 2007)
Oxted Therapies Unit, Oxted, Surrey
For more information, contact Christopher Scott at Cathedral Healthcare on 01322 629915 or on mobile telephone 07717 581 111 or Victor Newman on 01322 629 910.