(Alliance News) - Primary Health Properties PLC on Monday said it has acquired the West Derby Medical Centre for GBP4.6 million and contracted a developer to fund the development and purchase of a primary care centre in Enniscorthy, County Wexford, Ireland.
The primary health facilities investor stated the West Derby Medical Centre is leased to a GP practice with a patient list of over 13,000 patients and a pharmacy.
It added it has also contracted to provide development funding for the construction of the Enniscorthy Primary Care Centre for EUR12.6 million. Lease agreements have been entered into for a 15-year term with the Health Service Executive and a local GP practice. Further leases are expected to be agreed with Ireland's Child & Family Agency TUSLA and a pharmacy, before completion of the building in the first quarter of 2022.
Primary Health said the two transactions will increase its overall portfolio to a total of 513 assets. Its portfolio has a contracted rent roll of around GBP135.3 million, a weighted average unexpired lease term of over 12 years and an occupancy rate of 99.5%.
"Both properties will support our strategy of investing in the health of our communities by providing modern facilities to deliver a wide-range of primary care services. 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," said Managing Director Harry Hyman.
Shares in Primary Health Properties were trading 2.2% lower at EUR1.63 each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Primary Health (PHP)