Primary Health Properties PLC

M&A Activity • Sep 19, 2018

National Storage Mechanism | Additional information

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RNS Number : 1691B

Primary Health Properties PLC

19 September 2018

19 September 2018

Primary Health Properties PLC

UK Acquisition

Primary Health Properties PLC ("PHP"), one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired a modern keyworker accommodation unit for a total consideration of £22.8 million (net assets of £22.8 million). The facility is located next to Wansbeck General Hospital and is let to Northumbria Healthcare NHS Foundation Trust (the "Trust").

PHP has acquired a company whose sole asset and activity is the ownership of Maple & Elm Court, Wansbeck General Hospital, Ashington, NE63 9JJ (the "Property").  The unexpired lease term of 29 years is accretive to the overall WAULT of the PHP portfolio and the Trust provides a strong covenant.  

This acquisition will increase PHP's portfolio to a total of 313 assets with a gross value of almost £1.5 billion and a contracted rent roll of over £77 million.  

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

"Maple & Elm Court is an attractive addition to the portfolio with a very long unexpired lease term, benefitting from annual fixed rent reviews.  The facility is ideally located immediately next to the Wansbeck General Hospital and offers a key service for the hospital and the wider Trust which operates throughout the region.  The acquisition represents a similar investment to our primary care buildings as it is let to a NHS covenant on a long term basis.  We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio."

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

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Further details:

Harry Hyman Managing Director Tel: +44 (0) 20 7451 7050	Richard Howell Finance Director Tel: +44 (0) 20 7104 5599
David Rydell / Steph Watson / Tilly Abraham (Buchanan Communications) Tel: +44 (0) 20 7466 5066

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