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Primary Health Properties PLC Acquires Three Assets


Posted: 7th August 2013 09:57

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."

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