Primary Health Properties PLC News Release (2588V)

TIDMPHP

RNS Number : 2588V

Primary Health Properties PLC

10 January 2013

News Release

10 January 2013

Primary Health Properties PLC

Following the announcement on 14 December 2012 of its acquisition of a GBP62.3 million, 14 asset portfolio, Primary Health Properties PLC ("PHP"), the largest provider of modern primary healthcare facilities, announces the completion of the final step of its debt refinancing and new asset deliveries concluded in the intervening period.

PHP has completed the drawdown of a GBP25 million, 10 year, interest only debt facility with Aviva Public Private Finance Limited, locking in to a fixed interest rate for the entire loan term of 3.63%. As planned, the funds will be used toward repaying the Allied Irish Banks plc GBP27 million facility due for repayment on 31 January 2013. The AIB loan will be repaid without any requirement to redeem the pre-existing interest rate swaps and incur any related breakage fees.

PHP also announces the delivery at the end of December and beginning of January of four new medical centres that it had committed to forward fund. The assets detailed in the table below have all been delivered and become fully rent producing, representing GBP0.72 million of annual rent.

 
 Property                  Description                         m(2)   Lease term 
------------------------  ---------------------------------  ------  ----------- 
 Allesley, West Midlands   5 GP practice and pharmacy           795     21 years 
------------------------  ---------------------------------  ------  ----------- 
 Pelton, County Durham     5 GP practice, PCT accommodation   1,613     25 years 
                            and pharmacy 
------------------------  ---------------------------------  ------  ----------- 
 Arley, Warwickshire       4 GP practice                        648     20 years 
------------------------  ---------------------------------  ------  ----------- 
 Ramsgate, Kent            2 GP practice and pharmacy           773     20 years 
------------------------  ---------------------------------  ------  -----------

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

-End-

Further details:

 
 Harry Hyman                      Phil Holland 
  Managing Director                Nexus TradeCo Limited 
  Primary Health Properties PLC    Tel: 020 7451 7050 
  Tel: 020 7451 7050 
                                  Tim Walker-Arnott 
                                   Nexus TradeCo Limited 
                                   Tel: 01483 749033

This information is provided by RNS

The company news service from the London Stock Exchange

END

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