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(Alliance News) - Primary Health Properties PLC said Monday it has signed a contract with an unnamed developer for the development and acquisition of a purpose built primary care centre in Mountain Ash, Wales.
The healthcare-focused property investor will provide GBP4.9 million in development funding for the property, which will comprise an area of 1.25 square kilometres and be wholly owned by Primary Health on its completion.
The property will be let to Cwm Taf Morgannwg University Local Health Board for an initial term of 25 years, and accommodate two local GP practices, which has a combined list of 11,500 patients.
The acquisition will increase Primary Health's portfolio to a total of 485 assets with a gross value of around GBP2.4 billion and a contracted rent roll of GBP127 million.
"We are delighted to announce this transaction, one of a number of development projects the group is pursuing at present and which can be funded with the proceeds of our recent successful GBP100 million placing. The transaction improves the quality of our portfolio by delivering a new facility with a long unexpired lease term, built to the highest environmental standards," said Managing Director Harry Hyman.
"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," Hyman added.
Shares in Primary Health Properties - which is headquartered in London - were up 0.6% at 142.80 pence on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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