LONDON (Alliance News) - Primary Health Properties PLC said Monday it will acquire, by way of forward funding, a new primary healthcare medical centre in London.
The building - in Kew, west London - is expected to be completed in October this year, with a net internal area of 845 square metres at a total cost of GBP4.6 million.
The main tenant for the new medial centre will be the North Road Surgery, who will take on a 25 year lease with three yearly reviews to market rent. The Care Workers Charity will lease the remaining area for an initial term of five years.
"We are delighted to announce this transaction, which is the first opportunity that has come through as part of the merger with MedicX, from which we see significant opportunities to grow our portfolio and support the modernisation of the primary care infrastructure and widening of the provision of healthcare services," said Managing Director Harry Hyman.
"We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions."
Following its merger with MedicX Fund Ltd and this acquisition, Primary Health Properties total portfolio now stands at 484 assets, seven of which are currently under construction. The gross value of the portfolio is GBP2.3 billion with a contracted rent roll of over GBP125.0 million.
Shares in Primary Health Properties were up 0.8% Monday morning at 131.08 pence each.
Primary Health (PHP)