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(Alliance News) - Primary Health Properties PLC on Tuesday said it has acquired a property in Bolton and contracted with a developer to buy and develop a primary care centre in Ireland.
Primary Health Properties invests in modern primary healthcare facilities in the UK and will pay net of GBP8.0 million to acquire the Waters Meeting Health Centre in Bolton, Greater Manchester. The Bolton centre is fully let to NHS Property Services, two GP practices, and a pharmacy.
In addition, the firm has contracted to provide development funding to build a property in Banagher, Ireland, for a total cost of EUR5.0 million. The Irish facility will be let for an initial 30 year term to the Irish government's Health Service Executive and the Banagher Family GP Practice.
Following this, London-headquartered Primary Health Properties will have 488 assets, including 16 in Ireland, with a gross value just short of GBP2.4 billion plus GBP127 million of contracted rent roll.
Managing Director Harry Hyman said: "We are delighted to announce these transactions, which are part of a strong pipeline of projects which the Group is pursuing at present in the UK and in Ireland, funded with the proceeds of our recent successful GBP100 million placing. We 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."
Shares in Primary Health were down 0.5% at 152.45 pence in London on Tuesday.
By Anna Farley; annafarley@alliancenews.com
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