Primary Health Properties PLC Acquisition (1400O)
28 Mayo 2020 - 01:00AM
UK Regulatory
TIDMPHP
RNS Number : 1400O
Primary Health Properties PLC
28 May 2020
Primary Health Properties PLC
Forward Funding Acquisition of New Primary Care Centre at
Arklow, Co. Wicklow, Ireland
Primary Health Properties PLC ("PHP" or the "Group"), one of the
UK's leading investors in modern primary healthcare facilities,
announces that it has contracted to provide development funding for
the construction and acquisition of a purpose-built primary care
centre in Arklow, Co. Wicklow, Ireland for an anticipated total
cost of EUR18.0 million.
Agreements for lease for an initial term of 30 years have been
signed with the Health Service Executive ("HSE") and a local GP
practice, which will relocate to the centre on practical
completion. The lettings will be accretive to the overall WAULT of
the PHP portfolio and will provide for approximately 90% of the
income from strong government backed covenants. The building, which
will comprise an area of 5,333m(2) , is to be constructed to the
new Nearly Zero-Energy Buildings ("NZEB") regulations in
Ireland.
This acquisition will increase PHP's portfolio to a total of 511
assets, of which 17 are in Ireland, with a gross value of just
under GBP2.5 billion and a contracted rent roll of GBP132
million.
Harry Hyman, Managing Director of Primary Health Properties,
commented:
"We are delighted to announce this transaction, one of a number
of development projects the Group is pursuing at present in the UK
and Ireland. The property, which is due for practical completion at
the end of 2021, will support both the HSE's strategy of healthcare
provision in Ireland and PHP's strategy of delivering modern
healthcare facilities let on long lease terms to tenants with a
secure covenant. 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."
More information on Primary Health Properties PLC can be found
on www.phpgroup.co.uk
Further details:
Harry Hyman Richard Howell
Managing Director Finance Director
Tel: +44 (0) 20 7451 7050 Tel: +44 (0) 20 7104
5599
David Rydell / Steph Watson / Tilly
Abraham
(Buchanan Communications)
Tel: +44 (0) 20 7466 5066
Legal Entity Identifier: 213800Y5CJHXOATK7X11
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END
ACQUBUWRRBUVUAR
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