Primary Health Properties: Acquisition

Primary Health Properties PLC (PHP), the UK’s leading investor in modern primary healthcare facilities, announces that it has acquired two modern, purpose built healthcare facilities for a total consideration of £7.2 million (net assets and debt acquired £7.2 million).

PHP has acquired the entire issued share capital of Carden Medical Investments Limited, a company whose assets and activity is the ownership of the Cove Bay Medical Centre and the Pitmedden Medical Centre, both of which are located close to Aberdeen and serve nearly 20,000 patients.

Cove Bay is fully let to a GP practise and the Scottish Ministers on leases that each have an unexpired term of 15.3 years. The Pitmedden Medical Centre is fully let to the Haddo Medical Group on a lease that has an unexpired term of 13 years.

This acquisition increases PHP’s portfolio to a total of 298 assets, including one property in the Republic of Ireland, with a gross value of over £1.2 billion.

Harry Hyman, Managing Director of Primary Health Properties, commented:

“This acquisition adds to our portfolio of high quality, purpose built primary care facilities across the UK and enhances our sustainable, long term income. We have a strong pipeline and are well positioned to continue to grow our portfolio and support the UK’s healthcare system with the provision of modern, primary care infrastructure.”

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