REG - Primary Health Props - Forward Funding Acquisition

Primary Health PropertiesAnnouncement

05/02/2020 07:00

RNS Number : 9608B
Primary Health Properties PLC
05 February 2020
 


 
Primary Health Properties PLC
Forward Funding Acquisition of New Primary Care Centre at Llanbradach
 
Primary Health Properties PLC ("PHP"), one of the UK's leading investors in modern primary healthcare facilities, announces that it has contracted with a developer to fund the development and acquisition of a purpose-built primary care centre in Llanbradach, near Caerphilly in Wales for a total cost of £2.8 million. 
 
The property will be let to the Aber and Village Medical Practices, for an initial term of 25 years from practical completion of the property. The letting will be accretive to the overall WAULT of the PHP portfolio and provide for a strong government backed covenant.  The building will comprise an area of 667m2.
 
This acquisition will increase PHP's portfolio to a total of 489 assets with a gross value of just over £2.4 billion and a contracted rent roll of just under £128 million.  
 
Harry Hyman, Managing Director of Primary Health Properties, commented:
 
"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 £100 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."
 
More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk
 
Further details:
 



Harry Hyman
Managing Director
Tel: +44 (0) 20 7451 7050


Richard Howell
Finance Director
Tel: +44 (0) 20 7104 5599














 
David Rydell / Steph Watson / Tilly Abraham

(Buchanan Communications)
Tel: +44 (0) 20 7466 5066

 



 








Legal Entity Identifier: 213800Y5CJHXOATK7X11
 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
ACQFZGGZVDZGGZM