17th Dec 2021 09:49
(Alliance News) - Primary Health Properties PLC said on Friday it has acquired a medical and office facility for GBP10 million.
The London-based real estate investment trust said the property comprises of five floors of medical and office space in the north east of England.
The acquisition will complete when a current refurbishment of the premises is finished. This is expected in the second quarter of 2022.
Following the refurbishment, an NHS tenant will enter into a new long-term lease, with index-linked rent reviews.
Primary Health Properties said the acquisition will increase its portfolio to a total of 521 assets with a contracted rent roll of over GBP140 million.
The company added that the purchase will be accretive to its overall weighted average unexpired lease term portfolio and provide 100% government-backed income.
Shares in Primary Health Properties were down 0.4% at 148.10 pence each on Friday morning in London.
By Heather Rydings; [email protected]
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