AVO.L Regulatory News (AVO)

4 Sep 2006 15:48

CareCapital Group plc04 September 2006 For immediate release, 4 September 2006 CareCapital Group Plc ("CareCapital" or "the Group") Joint-Venture Awarded Preferred Bidder Status CareCapital (AIM: CARE), a healthcare real estate developer and owner that wasadmitted to AIM on 4 August 2006, today announces that a joint-venture has beenawarded preferred bidder status for a new primary care centre in Flintshire,Wales. This will be CareCapital's first development in Wales. The Healthcare Property Company Wales Limited ("HPC Wales") has been selected aspreferred bidder for a major new primary care centre for the Flintshire HealthBoard in the town of Buckley. The new primary care centre will bring togetherunder one roof existing GP practices and community health services in a purposebuilt 4,000 sq.m. facility comprising a range of clinical and other patientsupport services including a pharmacy. The building has been designed to allowfor future flexibility and expansion to meet the changing healthcare needs ofthe local community. The total development cost of the facility will be approximately £6.5 million.It is anticipated construction works will commence in mid-March 2007 and theCentre opened to patients in early April 2008. The completed facility will beleased for an initial period of 20 years to the GP partnerships and theFlintshire Health Board at an initial rent of approximately £425,000 per annum. HPC Wales is a strategic joint venture between CareCapital (50%) and GaufronHealthcare Limited ("Gaufron") (50%). Gaufron is a well-established medicalcentre developer in Wales, based in Llandrindod Wells. Commenting, Paul Stacey - CareCapital's Managing Director - said "I am extremelypleased that we have been successful in being selected to develop this importanthealthcare facility in North Wales. We look forward to the opportunity to workwith the Flintshire Health Board and Welsh Health Estates to take this schemethrough to completion. I congratulate the bid team, including our colleaguesfrom Gaufron and the architects, Austin-Smith: Lord on the win againstsignificant competition. The Board hopes that our joint-venture with Gaufronwill be able to build on this success to become a leading developer ofhealthcare related properties in Wales." For further information please visit www.carecapital.co.uk or contact: Paul Stacey, Managing DirectorShareen Courtney, MarketingCareCapital Group PlcTel: 020 7034 1949pstacey@carecapital.co.ukscourtney@carecapital.co.uk Simon Hudson, Richard SunderlandTavistock CommunicationsTel: 020 7920 3150shudson@tavistock.co.uk/rsunderland@tavistock.co.uk Lindsay Mair, Director - Corporate FinanceDaniel Stewart & Co. PlcTel: 020 7776 6550lindsay.mair@danielstewart.co.uk This information is provided by RNS The company news service from the London Stock Exchange