Primary Health Properties buys Moredon Medical Centre in Swindon

Primary Health Properties said on Thursday that its wholly-owned subsidiary has bought the Moredon Medial Centre, a standing let investment property in Swindon.

The property comprises a modern, purpose built medical centre which is fully let to the Morden Medical Centre Partnership, receiving re-imbursement in the usual manner through a long-term government-backed lease agreement, and a Lloyds pharmacy unit with a weighted average unexpired lease term of around 27.5 years.

PHP said the acquisition will increase its portfolio to a total of 309 assets with a gross value of circa £1.38bn and a contracted rent roll of approximately £73.5m.

Managind director Harry Hyman said: "Moredon Medical Centre provides a positive addition to the portfolio representing a large and growing patient list in the area. The building is a modern and purpose built dedicated healthcare facility with a particularly long unexpired term certain, which positively benefits the portfolio WAULT whilst also benefitting from an element of RPI led rent reviews.

"We have a strong pipeline of acquisitions in the UK and Ireland and remain well positioned to continue growing the portfolio."

At 1440 BST, the shares were flat at 113.78p.