Eversheds advises on deal to create UK’s largest listed primary healthcare …

AHMP is a property investment company that develops and manages medical centres and doctors’ surgeries. Set up in 2004, originally as a stapled security to the shares of Ashley Houseplc, AHMP changed its name to AH Medical Properties plc in January 2007 when the shares were de-stapled from Ashley House shares and admitted to trading on PLUS Markets.

AHMP has reached agreement with Assura on a £28.3m recommended offer, which comprises 0.85 new Assura shares for each AHMP share. There is a limited cash alternative of 40p a share, subject to a maximum aggregate payment of £10.5m.

The Eversheds team was led by Partner Stephen Nash who was assisted by Associate Steven Hacking.

Stephen Nash commented:

“We are very pleased to have advised AH Medical Properties on it’s recommended takeover by Assura. This strategic deal results in the combination of two of the largest primary healthcare property portfolios in the UK with aggregate property assets in excess of £500m.”

Bruce Walker, Chief Executive of AH Medical Properties, commented:

“As previously opined by our Chairman John Gunn, the Board is pleased to have delivered a positive outcome for shareholders since the business’ inception in late 2004 and particularly since early 2007, when new shareholders came on board. Since 2008 the commercial property and indeed financial markets have been difficult so to have come through such a period and delivered a positive total shareholder return is a source of satisfaction.

“When our normal advisers were conflicted, we turned to Eversheds. They quickly appreciated the key transaction issues and their advice and assistance allowed the deal to progress in a seamless and timely manner.”

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