Primary Health Properties PLC Acquisition and Forward Funding Acquisition (0571X)
17 December 2019 - 6:00PM
UK Regulatory
TIDMPHP
RNS Number : 0571X
Primary Health Properties PLC
17 December 2019
17 December 2019
Primary Health Properties PLC
Acquisition and Forward Funding Acquisition
Primary Health Properties PLC ("PHP"), the UK's leading investor
in modern primary healthcare facilities, announces that it has
acquired a standing let investment property situated in Bolton and
has also contracted with a developer to fund the development and
acquisition of a purpose-built primary care centre in Banagher, Co.
Offaly, Ireland.
A wholly owned subsidiary of PHP has acquired the Waters Meeting
Health Centre, Bolton, a property comprising of 2,295m(2) and which
is fully let to NHS Property Services, two GP Practices with a
combined patient list of 13,500 and a Pharmacy. The net
consideration for the property will be GBP8.0 million.
Separately, Primary Health Properties ICAV, ("PHP ICAV") has
contracted to provide development funding for the construction of
the property in Banagher for a total cost of EUR5.0 million which
will be wholly owned by PHP ICAV upon its completion. On practical
completion the property will comprise an area of 1,700m(2) and be
let for an initial term of 30 years to the Irish government's
Health Service Executive and the Banagher Family GP Practice.
This acquisition will increase PHP's portfolio to a total of 488
assets, of which 16 are in Ireland, with a gross value of just
under GBP2.4 billion and a contracted rent roll of approximately
GBP127 million.
Harry Hyman, Managing Director of Primary Health Properties,
commented:
"We are delighted to announce these transactions, which are part
of a strong pipeline of projects which the Group is pursuing at
present in the UK and in Ireland, funded with the proceeds of our
recent successful GBP100 million placing. We are well positioned to
continue to grow our portfolio and to support the healthcare
systems in these markets through the provision of modern, primary
care infrastructure."
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 / Tilly
Abraham
(Buchanan Communications)
Tel: +44 (0) 20 7466 5066
Legal Entity Identifier: 213800Y5CJHXOATK7X11
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END
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