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Primary Health Properties Plc - Acquisition and Forward Funding Acquisition

 

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 2,295m2 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 £8.0 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 €5.0 million which will be wholly owned by PHP ICAV upon its completion.  On practical completion the property will comprise an area of 1,700m2 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 £2.4 billion and a contracted rent roll of approximately £127 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 £100 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."