An investor in primary care and pharmacy properties in Yorkshire has been purchased in a deal worth around £10.2m.
Apollo Medical Partners have been bought out by Primary Health Properties, a company which focuses it’s effort on developing primary healthcare facilities.
AMP owns 14 primary care companies, four of which are based in Yorkshire, they are Heckmodwike Medical Centre; Ripponden Medical Centre; Dr Eisner & Partners in Shipley; and Carlton Medial Practice in Bradford.
AMP’s whole portfolio has been valued by Lambert Smith Hampton and came in at £62.3m.
Harry Hyman, managing director of PHP, said: “This is an important acquisition for PHP which demonstrates our ability to acquire modern, well-let portfolios at cash yields ahead of the current portfolio net initial yield.
“The acquisition adds 14 high quality assets to our existing portfolio, boosts PHPs rental profits and is in line with management’s aim of returning to full dividend cover at the earliest opportunity.”