12th Mar 2020 09:38
(Alliance News) - Primary Health Properties PLC on Thursday said it will acquire a new primary care centre in Surrey for GBP4.1 million in total.
The FTSE 250-listed healthcare-focused property investor has signed a contract with a developer to build a doctor's surgery in a residential development in the centre of Epsom, Surrey.
Primary Health will purchase the long leasehold of the property for GBP4.1 million on completion of the work and will let the building, which will comprise a net internal area of 831 meters square, to Ashley Surgery for an initial term of 20 years.
Following the acquisition, the London-based company said its portfolio will comprise 490 assets with a gross value of just over GBP2.4 billion and a contracted rent roll of just over GBP128 million.
"We are delighted to be able to finance the relocation of an existing long-standing doctors' practice with a patient list of over 9,000 to modern new premises, funded with the proceeds of our successful GBP100 million placing in September 2019," said Managing Director Harry Hyman.
"The transaction continues the improvement of the quality of our portfolio by delivering a new facility with a long unexpired lease term and located in a prime location in the commuter town of Epsom. We continue to have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio," he added.
Shares in Primary Health were trading 4.5% lower at 147.20 pence each on Thursday in London.
By Ife Taiwo; [email protected]
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