Property asset management update

RNS Number : 2775E

Primary Health Properties PLC

03 November 2015

 

Primary Health Properties

Property asset management update

Primary Health Properties ("PHP") announces the completion of its pharmacy development project at Cowbridge, South Wales. 

PHP acquired a land plot adjoining its existing medical centre premises and developed a pharmacy unit that it has let to Lloyds Pharmacy on a 17 year term, coterminous with the lease to the existing GP tenants.  The development will generate a yield of over 6%.

This is one of 10 active asset management projects that PHP has completed in the last 15 months, investing a total of £6.6 million, generating an average cash yield in excess of 8% and securing an average additional lease term of 17.3 years.

PHP is on site with three further active asset management projects, investing a total of £1.2 million that will generate a cash yield of c.6% and extend the occupational leases by an average of 12.2 years.

PHP is also currently progressing a pipeline of further projects in partnership with PHP's healthcare tenants in order to enhance the quality of its properties and extend the range of services that GPs can offer from their property.  These projects add to the longevity and quantum of PHP's rent roll and increase the capital value of the asset.

Harry Hyman, Managing Director of Primary Health Properties said:

"We continue to actively manage the properties in our portfolio in order to meet the ever increasing demand for modern, multi-disciplinary and flexible healthcare facilities, by refurbishing or extending our centres to meet GPs' and patients' needs.  The active pipeline of projects also enables us to continue to maximise the value of our properties and extend the term of rental income, delivering value for investors."

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For further information contact:

Harry Hyman Primary Health Properties PLC T [phone] [e-mail]	Phil Holland Primary Health Properties PLC T [phone] [e-mail]
David Rydell / Elizabeth Snow / Eve Kirmatzis Bell Pottinger T [phone]

 

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