Eversheds scores sale of AH Medical to Assura Group

Eversheds has acted on a major deal in the healthcare property sector, winning the instruction after original adviser Hammonds was ­conflicted out.

Partner Stephen Nash advised the developer and manager of medical centres and doctors’ surgeries AH Medical Properties on its takeover by healthcare company Assura Group.
The deal is expected to create the UK’s largest listed primary care medical property and pharmacy group, with assets of £504m.

Original adviser Hammonds was conflicted out of advising AH on the transaction because it retains a relationship with former parent Ashley House. AH was spun out of Ashley House in 2007, but the ­latter retains a stake in the subsidiary.

Nash, who was assisted by associate Steven Hacking, told The Lawyer that he picked up the deal because of his previous relationship with a member of the client’s instructing team.

He added that the £28m takeover deal was evidence of consolidation in the ­sector, with Assura looking to acquire a larger portfolio.

“There’s quite a lot going on, mostly on the Assura side - it’s issuing new shares,” said Hacking. “There are Rule 16 arrangements in relation to proposed transactions involving Assura that will require approval from AH shareholders.”

Assura was advised by Addleshaw Goddard ­partner Philip Goodstone.