PHP Primary Health Properties Plc

RNS Number:5435O
Primary Health Properties PLC
22 December 2006


For immediate release
22 December 2006

Primary Health Properties plc

Acquisition of CHH Ltd for #39.2 million


Primary Health Properties PLC (FTSE: PHP), the provider of modern primary
healthcare facilities, is pleased to announce that it has exchanged contracts to
acquire CHH Ltd ("CHH") for a total cash consideration of #39.225 million.   CHH
is the holding company of a group of companies that owns nine primary healthcare
facilities across the UK which will be incorporated into an enlarged PHP
portfolio and managed by existing PHP resources.



The costs of the acquisition are being financed from existing cash facilities.


Of the nine centres, three are still under construction and are anticipated to
be completed by the end of 2007. In addition, two of the completed facilities
are undergoing extension work, which is expected to be finished at the same time

The consideration for the acquisition is structured so that an initial
consideration of approximately #31 million is paid on completion, with the
balance to be satisfied once development work on all the facilities has been
completed. It is anticipated the balance of the consideration will be paid over
the next 12 months.

The total gross assets being acquired once fully developed amounts to #39.225
million. These assets will generate a total rental income of approximately #2.0
million., reflecting an initial yield of approximately 5%.

Following the purchase, PHP will have increased its property portfolio to 95
primary care facilities, generating rental of approximately #14.4 million per
annum. PHP continues to benefit from its strong links with Primary Care property
developers and will look to maintain this acquisition strategy following
conversion into a REIT in January 2007.



Managing Director, PHP, Harry Hyman commented:

"We are delighted with the acquisition. We have long held the view that to
continue to lead the market we must find new ways to enhance shareholder value.
These medical centres will further improve our portfolio and help us to advance
the standard of primary health care facilities in the UK."


                                     -ends-

Enquiries:



Bell Pottinger Corporate & Financial
David Rydell/ Victoria Geoghegan                             Tel: 020 7861 3232





Primary Health Properties PLC
Harry Hyman, Managing Director                               Tel: 01483 306912




Notes to editors:

The nine primary healthcare facilities in the acquistion portfolio are:

St George's Medical Centre, Sheerness, Kent
Hetherington Group Practice, London, SW4
Lamps Court Surgery, London, SE5
Hailey View Surgery, Hoddesdon, Herts
St. Stephen's Gate Medical Centre, Norwich, Norfolk
Robin Hood Lane Health Centre, Sutton, Surrey (completion March 2008)
Milton Keynes Medical Centre, Milton Keynes, Beds
Sheerness Medical Centre, Sheerness, Kent (completion end 2007)
Dumbledore Primary Care Centre, Handcross, Sussex (completion end 2007)





                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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