LONDON (Alliance News) - Primary Health Properties PLC Tuesday said a subsidiary has acquired three modern, purpose-built health centres for a total of GBP14.3 million.
The company, which invests in modern primary healthcare facilities, said the three properties have all been built within the last two years and have a weighted average unexpired lease term of 26 years.
Of the three properties, one is based in Kidderminster, one in South Petherton, and the last in Crewkerne.
In its statement Tuesday, the company said a pipeline agreement has been completed to acquire three further medical centres that are to be developed by the same vendor, whom it didn't name.
The company said the assets are expected to cost a total of GBP10.9 million and be fully let upon completion for an average term of 22 years.
"These are all expected to reach financial close during 2014 and be completed within the 12 to 15 months thereafter," the company said.
Shares in Primary Health Properties were trading at 347.75 pence Tuesday morning, down 0.4%.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Primary Health (PHP)