Primary Health Properties PLC - London-based healthcare facilities investor - Purchases the Crwys Medical Centre in Cardiff for GBP4.5 million. Around GBP1 million of the amount paid will be satisfied by the issue of 595,000 new shares at 12.5 pence each.
The Crwys Medical Centre is a primary care centre serving over 8,000 patients. The two leases on the building, with a weighted average unexpired lease term of 13 years, are accretive to Primary Health's portfolio, the group notes.
"We are delighted to have acquired this modern purpose-built primary care centre, further increasing the group's footprint," says Chief Executive 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."
Current stock price: 166.00 pence
Year-to-date change: up 8.6%
By Will Paige; willpaige@alliancenews.com
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Primary Health (PHP)