Primary Health Properties PLC Acquisition (3214R)
June 14 2018 - 2:00AM
UK Regulatory
TIDMPHP
RNS Number : 3214R
Primary Health Properties PLC
14 June 2018
14 June 2018
Primary Health Properties PLC
Acquisition
Primary Health Properties PLC ("PHP"), one of the UK's leading
investors in modern primary healthcare facilities, announces that a
wholly owned subsidiary of PHP has acquired the Moredon Medical
Centre (net assets acquired GBP6.1 million), a standing let
investment property situated in Moredon, Swindon.
The property comprises of a modern, purpose built 1,446 m(2)
medical centre which is fully let to the Moredon Medical Centre
Partnership, receiving rent re-imbursement in the usual manner
through a long term government backed lease agreement, and a Lloyds
pharmacy unit with a WAULT of approximately 27.5 years, which is
accretive to the overall portfolio.
The GP patient list represents over 11,500 people and is amongst
the largest patient lists in the local area. The Swindon Clinical
Commissioning Group ("CCG") is supportive that the practice
catchment area should be expanded to cover areas of new residential
development and it is therefore expected that the patient list size
will continue to grow. The pharmacy lease benefits from uncapped
RPI led rent reviews.
This acquisition will increase PHP's portfolio to a total of 309
assets with a gross value of circa GBP1.375 billion and a
contracted rent roll of approximately GBP73.5 million.
Harry Hyman, Managing Director of Primary Health Properties,
commented:
"Moredon Medical Centre provides a positive addition to the
portfolio representing a large and growing patient list in the
area. The building is a modern and purpose built dedicated
healthcare facility with a particularly long unexpired term
certain, which positively benefits the portfolio WAULT whilst also
benefitting from an element of RPI led rent reviews. We have a
strong pipeline of acquisitions in the UK and Ireland and remain
well positioned to continue growing the portfolio."
More information on Primary Health Properties PLC can be found
on www.phpgroup.co.uk.
Further details:
Harry Hyman Richard Howell
Managing Director Finance Director
Tel: +44 (0) 20 7451 7050 Tel: +44 (0) 20 7104 5599
David Rydell / Steph Watson (Buchanan
Communications)
Tel: +44 (0) 20 7466 5066
Legal Entity Identifier: 213800Y5CJHXOATK7X11
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END
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