Primary Health Properties PLC announces addition to its portfolio

Primary Health Properties PLC (LSE:PHP) announced that it has acquired the Parkside Medical Centre in Boston, Lincolnshire for a total consideration of £6.8mln. 

The deal will increase the portfolio of the primary healthcare facilities investor to a total of 520 assets, 20 of which are in Ireland, with a contracted rent roll of over £139mln.

The purpose-built Lincolnshire property is fully let with two leases, to a substantial GP practice and a pharmacy.

The two leases have a weighted average unexpired lease term (WAULT) of 13.5 years and are accretive to the portfolio WAULT and provide for a substantial proportion of government backed income, PHP said. 

Harry Hyman, chief executive officer of PHP, said, “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.”