Primary Health Properties PLC

M&A Activity • Dec 17, 2021

National Storage Mechanism | Additional information

RNS Number : 9576V

Primary Health Properties PLC

17 December 2021

Primary Health Properties PLC

PLC ("PHP" or the "Group")

Acquisition

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has agreed to acquire a medical and office facility in the North East of England for a total consideration of £10 million.  The acquisition will complete when a current comprehensive refurbishment of the premises is finished, which is expected to occur in Qtr 2 2022.

The property comprises medical and office space arranged over five floors. On completion of the refurbishment, the NHS tenant will enter into a new long term lease, with index-linked rent reviews. The acquisition will be accretive to the overall portfolio WAULT and provide 100% government backed income. 

This acquisition will increase PHP's portfolio to a total of 521 assets, of which 20 are in Ireland, with a contracted rent roll of over £140 million.

Harry Hyman, CEO of Primary Health Properties, commented:

"We are delighted to be making this acquisition of a newly refurbished building, comprising a mix of clinical space, delivering important NHS services in the area, and ancillary office accommodation on a long-lease.  The refurbishment of the building will include the installation of an entirely electric energy system allowing the tenant to power the building from entirely renewable sources and significantly improve the environmental performance."

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."

More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk

Further details:

Harry Hyman

Chief Executive Officer

Tel: +44 (0) 20 7451 7050

Richard Howell

Chief Financial Officer

Tel: +44 (0) 20 7104 5599

David Rydell / Steph Whitmore / Tilly Abraham

(Buchanan Communications)

Tel: +44 (0) 20 7466 5066

Legal Entity Identifier: 213800Y5CJHXOATK7X11

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