Primary Health Properties PLC

M&A Activity • Sep 18, 2017

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RNS Number : 9579Q

Primary Health Properties PLC

18 September 2017

18 September 2017

Primary Health Properties PLC

Acquisition

Primary Health Properties PLC ("PHP" or the "Company"), the UK's leading investor in modern primary healthcare facilities, announces that it has acquired the entire issued share capital of Chelmsley Associates Limited, a company whose sole asset is the Croft Medical Centre a modern, purpose built primary care centre in Chelmsley Wood, Birmingham for a for a total consideration of £4.67 million (net assets of £4.67 million).

The Croft Medical Centre is modern and high quality, having been completed in 2015.  The property, which is fully let to the partners of the GP practise, has an unexpired lease term of over 23 years. It is the largest healthcare centre within the local health economy, comprising 1,175 m2, with a patient list size in excess of 11,000.

This acquisition will increase PHP's portfolio to a total of 304 assets with a gross value of in excess of £1.3 billion and a contracted rent roll of just over £70 million. 

Harry Hyman, Managing Director of Primary Health Properties, commented:

"Croft Medical Centre is a positive addition to the portfolio and meets all of our investment criteria, with the added advantage of being located within a new wider community led development, which also includes a school, dentist and pharmacy.  The unexpired term is accretive to the overall portfolio and the building represents a modern purpose built dedicated healthcare facility with the benefit of onsite car parking.  We are well positioned to continue growing the portfolio and enjoy a strong pipeline of potential acquisitions in the UK and Ireland."

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

Legal Entity Identifier: 213800Y5CJHXOATK7X11

Further details:

Harry Hyman Managing Director Tel: +44 (0) 20 7451 7050	Richard Howell Finance Director Tel: +44 (0) 20 7104 5599

This information is provided by RNS

The company news service from the London Stock Exchange

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