TIDMPHP

RNS Number : 9579Q

Primary Health Properties PLC

18 September 2017

18 September 2017

Primary Health Properties PLC

Acquisition

Primary Health Properties PLC ("PHP" or the "Company"), the UK's leading investor in modern primary healthcare facilities, announces that it has acquired the entire issued share capital of Chelmsley Associates Limited, a company whose sole asset is the Croft Medical Centre a modern, purpose built primary care centre in Chelmsley Wood, Birmingham for a for a total consideration of GBP4.67 million (net assets of GBP4.67 million).

The Croft Medical Centre is modern and high quality, having been completed in 2015. The property, which is fully let to the partners of the GP practise, has an unexpired lease term of over 23 years. It is the largest healthcare centre within the local health economy, comprising 1,175 m(2) , with a patient list size in excess of 11,000.

This acquisition will increase PHP's portfolio to a total of 304 assets with a gross value of in excess of GBP1.3 billion and a contracted rent roll of just over GBP70 million.

Harry Hyman, Managing Director of Primary Health Properties, commented:

"Croft Medical Centre is a positive addition to the portfolio and meets all of our investment criteria, with the added advantage of being located within a new wider community led development, which also includes a school, dentist and pharmacy. The unexpired term is accretive to the overall portfolio and the building represents a modern purpose built dedicated healthcare facility with the benefit of onsite car parking. We are well positioned to continue growing the portfolio and enjoy a strong pipeline of potential acquisitions in the UK and Ireland."

More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk

Legal Entity Identifier: 213800Y5CJHXOATK7X11

Further details:

 
 Harry Hyman             Richard Howell 
  Managing Director       Finance Director 
  Tel: +44 (0) 20 7451    Tel: +44 (0) 20 7104 
  7050                    5599

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQSFMFWIFWSEFU

(END) Dow Jones Newswires

September 18, 2017 02:00 ET (06:00 GMT)

Primary Health Properties (LSE:PHP)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Primary Health Properties Charts.
Primary Health Properties (LSE:PHP)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Primary Health Properties Charts.