11th Feb 2019 08:40
LONDON (Alliance News) - Healthcare property investor Primary Health Properties PLC said on Monday it has acquired one medical centre in Leeds, and will provide funding for the construction of a medical centre in Langwith, Derbyshire.
Firstly, Primary Health has acquired Chapeloak Investments Ltd, owner of the Oakwood Lane Medical Centre in Leeds for GBP5.4 million.
Oakwood Lane is a 1,177 square metres medical centre, currently let to an unnamed GP practice and a pharmacy unit, with leases that have a weighted average unexpired lease term of 20.6 years.
In addition, PHP will provide GBP1.8 million in development funding for the construction of a medical centre in Derbyshire.
Once completed, the property will be let to Derbyshire Community Health Services NHS Foundation Trust on a 20-year lease.
PHP now has a portfolio of 315 assets with a gross value of GBP1.5 billion and a contracted rent roll of GBP80 million.
"These transactions further grow the portfolio, generating shareholder value by adding to the group's rent roll and extending its WAULT. They will also benefit not only our shareholders but also our other stakeholders in delivering modern fit for purpose facilities for the provisions of local healthcare services that are easily adapted to meet changing healthcare needs," said Managing Director Harry Hyman.
"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," Hyman added.
Shares in Primary Health Properties were up 0.5% at 117.55 pence on Monday.
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