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Primary Health Props (PHP)

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Wednesday 07 August, 2013

Primary Health Props

Acquisition

RNS Number : 1126L
Primary Health Properties PLC
07 August 2013
 



 

Acquisition

 

7 August 2013

 

Primary Health Properties PLC

 

Primary Health Properties PLC ("PHP"), the UK's leading investor in modern primary healthcare facilities, announces the acquisition of three further assets.

 

A wholly owned subsidiary of PHP has completed the acquisition of three modern, purpose built medical centres for a total consideration of £9.55 million (net assets acquired - £9.55 million):

 

·    Ewell, Surrey - a modern asset, constructed in 2003, comprising 1,764m2 of lettable area let to two GP practices, a dental practice and NHS Property Services Limited, used by the NHS to providing a range of primary care services to the local market.

 

·    Haywards Heath, West Sussex - a purpose built, two storey medical centre built in 2002 and providing 810m2 of primary care space.  The centre is fully let to a GP practice, a Pharmacy and dental practice.

 

·    New Cumnock, Ayshire, Scotland - a new medical centre, currently in its final stages of construction.  The centre will comprise of 540m2 to be fully let to a GP practice with minimum uplift, RPI linked rent reviews. The centre is expected to be completed in August 2013.

 

The above assets will add £0.65 million to contracted rent roll for a weighted average lease term of over 12 years, with asset management opportunities to extend the lease terms and create additional income and value.

 

Harry Hyman, Managing Director of PHP, said:

 

"We are very pleased to have secured these three modern primary care properties for PHP.  They are fully-let, generating high quality income and earnings to further rebuild dividend cover. This is another example of our ability to invest our recent fund raise in quality, primary care assets with long term income streams. With over 200 properties across the UK, the outlook for further capital and income growth is positive."

 

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: 020 7451 7050

 

Phil Holland

Nexus TradeCo Limited

Tel: 020 7451 7050

 

Bell Pottinger Pelham                        

David Rydell / Victoria Geoghegan / Elizabeth Snow

Tel: 020 7861 3821

Tim Walker-Arnott

Nexus TradeCo Limited

Tel: 020 7451 7050

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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