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Primary Health Properties acquires Liverpool asset, strikes forward funding deal in Ireland

Mon, 21st Dec 2020 09:16

(Sharecast News) - Healthcare facilities investor Primary Health Properties has acquired a standing let investment in West Derby, Liverpool for a total of £4.6m.
Primary Health said the West Derby Medical Centre, a modern purpose-built medical centre constructed in 2016, was leased to "a substantial GP" practice, with a patient list of over 13,000 patients, and a pharmacy.

Elsewhere, PHP announced it had contracted with a developer to fund the development and acquisition of a purpose-built primary care centre in Enniscorthy, Ireland.

The FTSE 250-listed firm will provide development funding for the construction of the Enniscorthy Primary Care Centre for a total cost of €12.6m.

Agreements for lease have been entered into for an initial term of 25 years with the Health Service Executive and a local GP practice, while further leases were anticipated to be agreed with Ireland's Child and Family Agency and a pharmacy prior to practical completion of the building anticipated in 2022.

The acquisition will be accretive to the overall weighted average unexpired lease term of the PHP portfolio and provide for "a strong government-backed covenant".

PHP added that the two transactions would increase its overall portfolio to a total of 513 assets, of which 18 are in Ireland.

As of 0915 GMT, Primary Health shares were down 2.26% at 149.94p.

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