Primary Health Properties PLC confirms another addition to its

Primary Health Properties PLC (LSE:PHP) told investors that it has agreed to acquire a medical and office facility in the northeast of England for a total consideration of £10mln.

The acquisition will be finalised once a refurbishment of the premises is complete, which is expected to occur in the second quarter of 2022.

This announcement is the second confirmed acquisition by PHP this week, following the purchase of a medical centre in Lincolnshire on Tuesday.

The property comprises of medical and office space arranged over five floors.

On completion of the refurbishment, the NHS tenant will enter a new long-term lease, with index-linked rent reviews.

The acquisition will be accretive to the overall portfolio weighted average unexpired lease term and provide 100% government backed income, the real-estate investment trust said.

PHP’s portfolio will increase to a total of 521 assets, of which 20 are in Ireland, with a contracted rent roll of over £140mln.

Chief executive Harry Hyman 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.”