Primary Health Properties PLC
Acquisition
Primary Health Properties PLC (“PHP” or the “Group”), one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired the Townside Primary Care Centre and adjacent office building in Bury, Lancashire for a total consideration of £40 million.
The Townside Primary Care Centre is a substantial purpose-built primary care hub which is fully let to NHS Property Services and a pharmacy. The office accommodation is also fully let with 90% of the income secured against Bury Council. The combined WAULT for the two adjacent buildings is 10.8 years with 91% of the contracted rent secured against government backed tenants.
This acquisition will increase PHP's portfolio to a total of 515 assets, of which 19 are in Ireland, with a contracted rent roll of over £138 million.
Harry Hyman, Managing Director of Primary Health Properties, commented:
“We are delighted to be making this substantial acquisition of a modern, purpose-built hub facility in Bury. The Primary Care Centre is a key component in the delivery of primary care in the area and serves approximately 22,300 patients, with a total of 17 General Practitioners located at the 3 GP practices located in the facility. The adjacent offices at 3 Knowsley Street are a key local government asset and operates as the main administrative offices for Bury Council.
“We have a strong pipeline of opportunities in the UK and Ireland and 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.”