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Primary Health Properties PLC Announces Acquisition

Thursday, 1 Aug 2013 02:05am EDT 

Primary Health Properties PLC announced the acquisition of two further medical centre investments. PHP has acquired a single purpose company whose sole asset is a substantial modern medical centre near to the centre of Edinburgh. The Gracemount Medical Centre has been acquired for GBP6.35 million (net assets acquired - GBP6.35 million) and is fully let, jointly to the Scottish Ministers and a GP practice, providing 2,050 m2 of primary care space. A wholly owned subsidiary of PHP has also entered into a forward commitment to acquire a new primary care centre to be built in Bradford. This is the first asset to be procured from the pipeline agreement entered into with the vendors of the Apollo portfolio that PHP acquired in December 2012. The new centre will comprise of 715m2 of lettable space which will be fully let to a GP practice and a pharmacy operator. The completed property will cost GBP2.2 million with completion anticipated in mid 2014. The combined total consideration for the above assets is GBP8.7 million, will add GBP0.51 million to contracted rent roll for a weighted average lease term of 18.7 years. 

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-2.25 -0.62%
24 Dec 2014