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Primary Health Properties PLC : - Acquisition

Primary Health Properties PLC ("PHP"), one of the largest providers of modern primary healthcare facilities, announces the acquisition of a standing let medical centre investment and its commitment to forward fund two additional medical centre properties that are being developed.

  • A wholly owned subsidiary of PHP has completed the acquisition of a newly developed modern, purpose built medical centre in Bearwood, Poole for approximately £3.6 million (net assets acquired £3.6m). The construction of the building has recently completed and is it let and income producing to a GP surgery for 20 years, a pharmacist for 15 years and three retail units let to the Co-Operative for an unexpired lease term of 20 years;
  • A further wholly owned subsidiary of PHP has entered into a purchase and funding agreement for the acquisition of a purpose built medical centre to be constructed in Chard, Somerset. PHP will pay approximately £1.825 million (net assets acquired £1.825m). The building will be fully let on completion to a GP Practice for a 20 year term. Completion of the asset is anticipated in late 2013; and
  • PHP has acquired a newly incorporated single purpose company that has entered into a purchase and funding agreement for a purpose built medical centre under construction in Worcester for approximately £4.475 million (net assets acquired £4.475m). The building will be fully let for a 25 year term to a 5 GP Practice and a pharmacy operator and is expected to be completed in November 2013.

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