5th Feb 2020 10:10
(Alliance News) - Healthcare-focused property investor Primary Health Properties PLC said Wednesday it will acquire and develop a care centre in Wales for GBP2.8 million.
The unit located in Llanbradach, near Caerphilly, will increase Primary Health's portfolio to 489 assets with a value of GBP2.4 billion.
The property will be let to the Aber & Village Medical Practices, a healthcare provider, for an initial 25-year term.
Primary Health Managing Director Harry Hyman said: "We are delighted to announce this transaction, one of a number of development projects the group is pursuing at present funded with the proceeds of our successful GBP100 million placing in September 2019.
"The transaction improves the quality of our portfolio by delivering a new facility with a long unexpired lease term. We continue to have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio."
Primary Health shares were 0.1% higher at 159.31 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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