Primary Health Properties PLC
Forward Funding Acquisition of New Primary Care Centre in Eastbourne
Primary Health Properties PLC (“PHP”), one of the UK's leading investors in modern primary healthcare facilities, announces that a wholly owned subsidiary of PHP has contracted to provide development funding for the construction of a purpose built medical centre in Eastbourne, East Sussex for a total cost of £8.4 million (net assets acquired of £8.4 million), which will be wholly owned by PHP upon its completion.
The property will provide modern facilities for two merged GP practices to deliver primary care services for a patient list of over 18,000. The building will be constructed to a high specification and is expected to achieve a BREEAM 'Excellent' rating, comprising an area of 1,976 m2 to be fully let for 25 years from completion to the GP practice.
This acquisition will increase PHP's portfolio to a total of 486 assets 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 this transaction, which is one of several development projects which the Group is pursuing at present in the UK and in Ireland and can be funded with the proceeds of our recent successful £100 million placing. The transaction supports the delivery of high quality primary care in Eastbourne and generates shareholder value by delivering a new facility with a long unexpired lease term. 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.”