Primary Health Properties PLC’s Subsidiaries Acquire Medical Centers

Primary Health Properties PLC (PHP) announced the acquisition of a standing let medical centre investment and its commitment to forward fund two additional medical centre properties that are being developed. A wholly owned subsidiary of PHP has completed the acquisition of a newly developed modern, purpose built medical centre in Bearwood, Poole for approximately £3.6 million (net assets acquired £3.6m). The construction of the building has recently completed and is it let and income producing to a GP surgery for 20 years, a pharmacist for 15 years and three retail units let to the Co-Operative for an unexpired lease term of 20 years. A further wholly owned subsidiary of PHP has entered into a purchase and funding agreement for the acquisition of a purpose built medical centre to be constructed in Chard, Somerset. PHP will pay approximately £1.825 million (net assets acquired £1.825m). The building will be fully let on completion to a GP Practice for a 20 year term. Completion of the asset is anticipated in late 2013. Also, PHP has acquired a newly incorporated single purpose company that has entered into a purchase and funding agreement for a purpose built medical centre under construction in Worcester for approximately £4.475 million (net assets acquired £4.475m). The building will be fully let for a 25 year term to a 5 GP Practice and a pharmacy operator and is expected to be completed in November 2013.