Primary Health Properties PLC Portfolio Acquisition & Rental Collection Update (3326M)
11 5월 2020 - 3:00PM
UK Regulatory
TIDMPHP
RNS Number : 3326M
Primary Health Properties PLC
11 May 2020
Primary Health Properties PLC
Acquisition of Portfolio and Rental Collection Update
Portfolio acquisition
Primary Health Properties PLC ("PHP" or the "Company"), one of
the UK's leading investors in modern primary healthcare facilities,
announces that it has acquired a portfolio of 20 purpose-built
medical centres, located across England and Wales, for a price of
GBP47.1 million, before costs. As part of the same transaction, PHP
has conditionally contracted to acquire a further two medical
centres for GBP6.9 million, before costs.
The acquired properties are leased to GP practices, other NHS
healthcare operators and pharmacies, with approximately 91% of the
rental income being government backed and substantially all of the
leases are reviewed to the open market on a three-yearly cycle.
This acquisition will increase PHP's portfolio in the UK and
Ireland to a total of 510 assets with a gross value of just under
GBP2.5 billion and a contracted rent roll of GBP131 million.
Following completion of the portfolio acquisition and capital
commitments PHP has undrawn loan facilities and cash totalling
GBP289 million.
Rental collection continues to remain robust
In the UK, 98% of rents for the second quarter of the year have
been collected with GBP0.7 million still outstanding, approximately
half of this is now subject to an agreed monthly payment plan.
Short-term rent concessions for the quarter have been given on
rents totalling less than GBP0.1 million.
In Ireland, 97% of rents due by 1 April 2020 have been collected
with less than EUR0.1 million still outstanding.
Harry Hyman, Managing Director of Primary Health Properties,
commented:
"We are delighted to be able to acquire this attractive
portfolio of medical centres, with potential for enhancing their
valuations through asset management activity. Since completing the
merger with the MedicX Fund Limited in March 2019, we have invested
or committed approximately GBP100 million of capital into
acquisition and development opportunities.
"We believe that the portfolio presents several good
opportunities to enlarge the premises, extend the lease terms and
obtain an uplift in rent, as the majority of the medical centres
represent key facilities within their local healthcare economy. The
current coronavirus pandemic is expected to reinforce the need for
modern, integrated primary care facilities to relieve pressure on
hospitals and A&E facilities.
"We continue to have a strong pipeline of opportunities in the
UK and Ireland and are well positioned to continue to grow our
portfolio through selective acquisitions and development
opportunities.
"The Company's portfolio is extremely well placed to deal with
the current Covid-19 pandemic and resulting economic disruption, as
it supports the UK primary healthcare system."
More information on Primary Health Properties PLC can be found
on www.phpgroup.co.uk
Further details:
Harry Hyman Richard Howell
Managing Director Finance Director
Tel: +44 (0) 20 7451 7050 Tel: +44 (0) 20 7104
5599
David Rydell / Steph Watson / Tilly
Abraham
(Buchanan Communications) Tel: +44 (0) 20 7466
5066
Legal Entity Identifier: 213800Y5CJHXOATK7X11
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END
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