News Release

RNS Number : 2588V

Primary Health Properties PLC

10 January 2013

 



News Release

10 January 2013

Primary Health Properties PLC

Following the announcement on 14 December 2012 of its acquisition of a £62.3 million, 14 asset portfolio, Primary Health Properties PLC ("PHP"), the largest provider of modern primary healthcare facilities, announces the completion of the final step of its debt refinancing and new asset deliveries concluded in the intervening period.

PHP has completed the drawdown of a £25 million, 10 year, interest only debt facility with Aviva Public Private Finance Limited, locking in to a fixed interest rate for the entire loan term of 3.63%.  As planned, the funds will be used toward repaying the Allied Irish Banks plc £27 million facility due for repayment on 31 January 2013.  The AIB loan will be repaid without any requirement to redeem the pre-existing interest rate swaps and incur any related breakage fees.

PHP also announces the delivery at the end of December and beginning of January of four new medical centres that it had committed to forward fund.  The assets detailed in the table below have all been delivered and become fully rent producing, representing £0.72 million of annual rent.

Property	Description	m2	Lease term
Allesley, West Midlands	5 GP practice and pharmacy	795	21 years
Pelton, County Durham	5 GP practice, PCT accommodation and pharmacy	1,613	25 years
Arley, Warwickshire	4 GP practice	648	20 years
Ramsgate, Kent	2 GP practice and pharmacy	773	20 years

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

-End-

Further details:

Harry Hyman Managing Director Primary Health Properties PLC Tel: [phone]	Phil Holland Nexus TradeCo Limited Tel: [phone]
	Tim Walker-Arnott Nexus TradeCo Limited Tel: [phone]

 

END

 

 

MSCNKKDKKBKDADD