Acquisitions

RNS Number : 7611R

Primary Health Properties PLC

01 July 2015

 

1 July 2015

Primary Health Properties PLC

Acquisitions

Primary Health Properties PLC ("PHP"), the UK's leading investor in modern primary healthcare facilities, announces that it has contracted to acquire two modern, purpose built health care facilities for a total consideration of £8.7 million (net assets and debt acquired £8.7 million).

PHP has acquired the entire share capital of a company whose sole asset and activity is the ownership of a medical centre located in Thornaby, North Yorkshire.  The property is occupied by two GP practices, a pharmacy, optician and the NHS on leases that each have an unexpired term of 13.5 years.  The company has been acquired with the benefit of an existing bank loan in the sum of £2.6 million that carries interest at a rate of 1% above LIBOR.

A wholly owned subsidiary of PHP has contracted to acquire the Jubilee Medical Centre in Croxteth, Liverpool.  The centre is currently being extended and undergoing a complete refurbishment and will be acquired upon completion with the benefit of new 25 year lease to the incumbent GP partnership.  The construction work is expected to be completed by Q4 2015.

These acquisitions increase PHP's portfolio to a total of 271 assets with a total annual contracted rent roll of £62.6 million.

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

Further details:

Harry Hyman Managing Director Tel: [phone]	Phil Holland Finance Director Tel: [phone]
	Tim Walker-Arnott Nexus TradeCo Limited Tel: [phone]
Bell Pottinger David Rydell/Victoria Geoghegan/Elizabeth Snow Tel: [phone]	Broker Profile Joshua Cryer Tel: [phone]

 

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