Acquisition

RNS Number : 9645P

Primary Health Properties PLC

26 August 2014

 



News Release

26 August 2014

Primary Health Properties PLC

Primary Health Properties PLC ("PHP"), the UK's leading investor in modern primary healthcare facilities, announces that a wholly owned subsidiary has acquired three modern, purpose built health centres for a total cost of £14.3 million.

The properties, details of which are set out below, have all been built within the last two years and have a weighted average unexpired lease term of 26 years.

Asset	Size sqm	WAULT	Tenants
Hume Street Medical Centre, Kidderminster	2,387	28 years	GP practices and pharmacy
South Petherton Medical Centre, South Petherton	916	18 years	GP practice and pharmacy
West One Surgery, Crewkerne	310	19 years	GP practice

In addition, a pipeline agreement has been completed, giving PHP exclusive rights to acquire three further medical centres that are to be developed by the vendor.  These are all expected to reach financial close during 2014 and be completed within the 12 to 15 months thereafter.  These assets are expected to cost a total of £10.9 million and be fully let upon completion for an average term of 22 years.

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

Further details:

Harry Hyman Managing Director Primary Health Properties PLC Tel: [phone]	Phil Holland Nexus TradeCo Limited Tel: [phone]
Bell Pottinger David Rydell / Victoria Geoghegan / Elizabeth Snow Tel: [phone]	Tim Walker-Arnott Nexus TradeCo Limited Tel: [phone]

 

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