Member Article

Mills & Reeve negotiates £45m care centres deal

National law firm Mills & Reeve has successfully negotiated the £45 million corporate sale of 14 modern purpose-built primary care centres on behalf of General Practice Investment Corporation Limited (GPI).

Led by Mills & Reeve’s property team in Leeds, the intensive three-month deal brought together expertise from many of the firm’s offices across the UK.

Mills & Reeve represented GPI, one of the UK’s leading primary care developers, in the sale to MedicX GPG Holdings Limited – part of the MedicX Fund, the sector’s leading primary care infrastructure investor. The deal involved seven fully operational primary care medical centres, seven further properties currently being developed by GPI and a framework agreement between GPI and the buyer to fund future GPI developments.

Central to the deal’s completion were Mills & Reeve’s real estate teams in Leeds and Norwich and corporate teams in Birmingham and Cambridge, with the completion meeting held at the firm’s London office.

Simon Sherwood, Partner at Mills & Reeve, led the deal following his appointment in March. He said: “This is a great example of how successful a cross-office deal can be. It was a complex process requiring considered, smooth handling at every stage and is testament to the vast range of skills, specialisms and experience across the firm. The way the team managed the process will act as a benchmark for similar deals in the future.”

Ian McArdle, Managing Director of GPI said: “We are delighted at the result and wholeheartedly congratulate the Mills & Reeve team. The deal is an important one for GPI and the MedicX Fund resulting in the establishment of a strategic partnership between the UK’s leading primary care centre developer and the UK’s leading primary care centre investor. It’s certainly a very positive start to a promising ongoing relationship with Mills & Reeve.”

This was posted in Bdaily's Members' News section by Mills & Reeve, Leeds .