Primary Health Properties PLC
(“PHP” or the “Group”)
Acquisition
Primary Health Properties, one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired the Chiswick Medical Centre, London for a total consideration of £34.5 million.
The property is fully let to HCA International Ltd with an unexpired term of just under 20 years and benefits from five yearly annually compounded RPI led rent reviews.
The property has been subject to a comprehensive tenant led fit-out to create a bespoke diagnostic and private healthcare facility providing some of the best medical technology available in London. The facility provides a number of services and expert teams specialising in neurology, cardiology, orthopaedics, urology and gastroenterology as well as women's healthcare services and a dedicated children's unit.
This acquisition will increase PHP's portfolio to a total of 524 assets, of which 20 are in Ireland, with a contracted rent roll of just under £143 million.
Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:
“We are delighted to have acquired this state-of-the-art diagnostic centre in London, let to an excellent covenant which provides a wide range of services which alongside the NHS is assisting with tackling the significant backlog of referrals following COVID-19.
“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.”