£11.8m deal sees health centre get new owner

Posted on November 23, 2009. Filed under: News stories, Providers | Tags: |

Manchester Evening News | 23 November 2009

A GREATER Manchester medical centre has changed hands as part of an £11.8m deal.

AH Medical Properties has bought Davyhulme Medical Centre, which opened earlier this year, from Sapphire Primary Care Developments, which was a subsidiary of Lloyds Pharmacy. AH also swooped for other properties in Rugeley, Staffordshire, Didcot, Oxfordshire, and Kincaidston, Ayr, as part of the same transaction.

It takes the gross value of AH Medical Properties’ portfolio to over £100m.

All four of the acquired sites were completed between 2007 and 2009 and are let to general practitioners.

Giles Weaver, chairman of AH Medical Properties, said: “This represents and excellent acquisition for AHMP of new, high quality properties.”

Meanwhile, Admenta Holdings, owner of Lloyds Pharmacy, has sold Sapphire to Ashley House, which has a 6.7 per cent stake in AH Medical Properties. Ashley House paid £6.8m plus the value of work in progress. Sapphire was established nine years ago as a developer of primary care premises and has been a rival to Ashley House.

LLOYDSPHARMACY SELLS HEALTH CENTRE BUSINESS AND GAINS STAKE IN FORMER RIVAL

Chemist + Druggist | Jennifer Richardson | 23 November 2009

Lloydspharmacy has sold its health centre business to a former rival primary care developer.

The multiple sold Sapphire Primary Care Developments (SPCD) to Ashley House for £6.8 million, it announced today (November 23).

In doing so, Lloydspharmacy has acquired a 10 per cent stake in Ashley House, giving it preferential access to future opportunities to develop health centre pharmacies.

Prior to Lloydspharmacy’s sale of SPCD, property investment company AH Medical Properties bought four completed medical centres with integrated Lloydspharmacy pharmacies from the company for £11.8m.

New SPCD owner Ashley House is the asset manager for AH Medical Properties.

The deal with Ashley House freed up “significant working capital”, Lloydspharmacy managing director Richard Smith said.

He added: “Having a strategic partnership with such a respected developer in the market will provide excellent opportunities for Lloydspharmacy while allowing us to concentrate on our core business.”

Ashley House chief executive Jonathan Holmes said its deal with Lloydspharmacy played to both companies’ strengths.

Lloydspharmacy finance director Andrew Willetts has joined the Ashley House board as non-executive director.

The multiple established SPCD in 2000.

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