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Primary Health Properties PLC Agrees To Acquire Entire Issued Share Capital Of Apollo Medical Partners Limited

Friday, 14 Dec 2012 02:00am EST 

Primary Health Properties PLC announces that it has unconditionally agreed to acquire the entire issued share capital of Apollo Medical Partners Limited ("AMP"), an investor in primary care and pharmacy properties with a UK wide portfolio. Consideration payable of approximately GBP10.2 million, including transaction costs of GBP0.6 million. Consideration will be settled as to o GBP4.2 million payable in cash on completion (including transaction costs) GBP1.8 million in cash deferred until delivery of assets under construction, and the issue on completion to the vendors of AMP of 1,231,395 new Ordinary shares of 50p each in the capital of PHP ยท The Consideration Shares will be subject to a twelve month lock-in and subsequent 12 month orderly market agreement; High quality portfolio of 14 primary care properties across the UK; 11 are completed assets, 10 of which were constructed within the last five years; Three due for completion between February - August 2013; Total rent roll on completion of GBP3.8 million, reflecting a net initial yield on actual acquisition cost of 5.9 per cent; A weighted average lease length of 18 years; Assumption of fixed cost debt of GBP49.8 million 

Company Quote

3.25 +0.97%
11:35am EDT