Avicenna branches up for auction weeks after acquisition
Fifteen pharmacies in Wales that were acquired by Avicenna in April will be up for auction next week.
Property investment company Acuitis announced today (June 7) that 15 of the 34 Sheppards Pharmacy branches recently acquired by Avicenna for an undisclosed sum will be open to bids in an online auction on June 16.
The April 20 acquisition increased the owned Avicenna estate to 135 branches just weeks after its acquisition of the Dudley Taylor chain took it from 44 to 101 branches.
The pharmacies to be sold are located in areas including Abercynon, Aberdare and Pontypridd, and have guide prices ranging from £50,000 to £490,000.
“They are all let to Avicenna Retail Limited guaranteed by Avicenna Limited on a 15-year lease from completion (no breaks),” the Acuitis statement explained.
Speaking at the time of the acquisition, Avicenna CEO Jonathan Power said the stores “perfectly complement” the chains existing stores in Wales.
Peter Mayo of Acuitus commented: “These are the first Sheppards Pharmacies, all on new RPI linked 15 year leases, to come to the market since the takeover and are expected to generate interest with private investors.
"Pharmacies performed particularly well during the pandemic and there are a growing number of investors looking to acquire properties of this type for the first time.”
Avicenna has been approached for comment.