IBB advise on the sale of Health Investments Limited
8th July 2010
Partner Ross Johnstone acted for long-standing client, the owners of Health Investments Limited (HI), on all the property aspects of the sale of the company to Primary Health Properties PLC (PHP).
The value of the company was almost £40m of which £28.1m was debt assumed by PHP. HI is a developer and investor in primary care centres. The company portfolio comprised 14 developed sites let to GP practices, Primary Care Trusts and pharmacy operators. The terms of the deal were agreed less than two weeks before the Budget and all involved worked to meet a completion deadline of 22nd June in the anticipation of Capital Gains Tax rises which would affect the shareholders. Norton Rose handled the corporate aspects of the deal for HI and Nabarro London and Sheffield acted for PHP.