Primary Health Properties PLC Acquisition (8545G)

TIDMPHP

RNS Number : 8545G

Primary Health Properties PLC

01 April 2022

Primary Health Properties PLC

("PHP" or the "Group")

Acquisition

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired a newly refurbished clinical facility in Chertsey, Surrey for a total consideration of GBP6.95 million.

The property is let on a new 20-year FRI lease to the Surrey and Borders Partnership NHS Foundation Trust (the "Trust") and benefits from RPI led rent reviews. The Trust will mainly be providing Drug and Alcohol rehabilitation services from the building together with office based administrative functions.

This acquisition is accretive to the overall portfolio WAULT and will increase PHP's portfolio to a total of 522 assets, of which 20 are in Ireland, with a contracted rent roll of GBP141 million.

Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:

"We are delighted to be making this acquisition of a healthcare asset that houses services being relocated from the nearby St Peter's Hospital in line with the NHS's strategy of moving ancillary services away from hospital settings. Originally constructed in the late 1990's the property has undergone a comprehensive refurbishment, which will also enhance the buildings environmental credentials, to provide clinical accommodation on the ground floor and office space on the upper floors.

We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure."

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

Further details:

 
 Harry Hyman                         Richard Howell 
  Chief Executive Officer             Chief Financial Officer 
  Tel: +44 (0) 20 7451 7050           Tel: +44 (0) 20 7104 
                                      5599 
 David Rydell / Steph Whitmore / 
  Tilly Abraham 
  (Buchanan Communications) 
  Tel: +44 (0) 20 7466 5066

Legal Entity Identifier: 213800Y5CJHXOATK7X11

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