Sintons advises on £62.5m sale
Law firm Sintons advised on a £62.5m deal which saw a North East-based healthcare property developer and investor acquired by a rival.
Trinity Medical Properties, which owns 32 medical centres, has been bought by Assura, based in the North West.
Assura, one of the UK’s leading healthcare property developers and investors, said its new portfolio has a rent roll of £4m from lettings to GPs, NHS bodies and pharmacy operators.
Newcastle law firm Sintons – whose specialism in healthcare work is nationally regarded – has worked with Trinity Medical since 2002, and advised the selling shareholders in this deal.
Some of the properties operated in the North East by Trinity Medical include Redburn Park Medical Centre, in North Shields, and Woodlands Park Health Centre, in Wideopen.
Graham Roberts, Assura chief executive, said: “We are delighted to have acquired such a high quality portfolio of 32 medical centres, which increases our passing rents by over 10 per cent with income underpinned by the NHS for an average unexpired lease length of over 16 years,”
“The acquisition will allow us to further enhance our outperformance of the sector, and illustrates the incremental returns our internally managed model can deliver from growth in our portfolio.”
The healthcare team at Sintons – led in this transaction by Partners Hilary Parker and Anthony Evans and solicitor Sarah Parish – represented and advised Trinity Medical on the sale.
Anthony Evans (pictured) said: “This is a very important transaction for Trinity Medical, Assura, and the sector as a whole. Trinity has grown very quickly in recent years, and we have worked with them for more than a decade to help them significantly increase their portfolio during that time.
“The expertise and capability Sintons has in the healthcare sector is renowned around the UK, and we are very pleased to be able to act in yet another nationally-significant deal.”