Primary Health Properties PLC Acquires Two Standing Let Medical Centre Investments
Primary Health Properties PLC ("PHP"), the UK's leading investor in modern primary healthcare facilities, announces the acquisition of two standing let medical centre investments.
A wholly owned subsidiary of PHP has completed the acquisition of two modern, purpose built medical centres for a total consideration of £9.01 million:
- Bromley-by-Bow, East London - a modern asset, constructed in 2010, comprising 1,748m2 of lettable area fully let to NHS Property Services Limited providing a GP surgery and walk in centre for a developing area of London. The centre is fully let with a remaining lease term of over 21 years; and
- Llanrumney, South Wales - a purpose built, two storey medical centre situated in a large residential area to the north of Cardiff city centre. The property provides a total of 1,099m2 of primary care space fully let to a GP practice, the local Health Board and Lloyds Pharmacy. The property was built in 2004 and has an unexpired lease term of over 23 years.
Harry Hyman, Managing Director of PHP, said:
"Following the recent success of our Capital Raise, we are delighted to start the delivery of our pipeline, acquiring quality primary care assets with long term income streams. These assets generate healthy income surpluses that increase the Company's profitability and contribute to achieving our highest priority of re-gaining full dividend cover."
Steve Sprigens, Director of Barclays Real Estate, comments:
"Building on our recent finance facility with PHP, we're delighted to continue to support the Group with their property acquisitions, and look forward to supporting them further with their on-going business needs."