Acquisition and Forward Funding Acquisition

RNS Number : 2360J

Primary Health Properties PLC

21 December 2020

 

Primary Health Properties PLC

Acquisition and Forward Funding Acquisition

Primary Health Properties PLC ("PHP"), one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired a standing let investment in West Derby, Liverpool and contracted with a developer to fund the development and acquisition of a purpose-built primary care centre in Enniscorthy, Co Wexford, Ireland.

PHP has acquired the West Derby Medical Centre, a modern purpose-built medical centre constructed in 2016, for a total cost of £4.6 million. The property is leased to a substantial GP practice, with a patient list of over 13,000 patients, and a pharmacy.

PHP has also contracted to provide development funding for the construction of the Enniscorthy Primary Care Centre in for a total cost of €12.6 million.  Agreements for lease have been entered into for an initial term of 25 years with the Health Service Executive and a local GP practice and further leases are anticipated to be agreed with TUSLA (Ireland's Child and Family Agency) and a pharmacy, prior to practical completion of the building anticipated in Q1 2022. The acquisition will be accretive to the overall WAULT of the PHP portfolio and provide for a strong government backed covenant. 

These two transactions will increase PHP's overall portfolio to a total of 513 assets, of which 18 are in Ireland.  The PHP portfolio has a contracted rent roll of approximately £135.3 million, WAULT of over 12 years and an occupancy rate of 99.5%. 

Harry Hyman, Managing Director of Primary Health Properties, commented:

"We are delighted to announce these transactions, which includes one of a number of development projects the Group is pursuing at present.  Both properties will support our strategy of investing in the health of our communities by providing modern facilities to deliver a wide-range of primary care services. We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure."

More information on Primary Health Properties PLC can be found on  www.phpgroup.co.uk

Further details:

Harry Hyman Managing Director Tel: [phone]		Richard Howell Finance Director Tel: [phone]
David Rydell / Steph Watson / Tilly Abraham (Buchanan Communications) Tel: [phone]

Legal Entity Identifier: 213800Y5CJHXOATK7X11

 

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