Primary Health Properties acquires medical centre in Lincolnshire

Real estate investment trust Primary Health Properties said on Tuesday that it had acquired the Parkside Medical Centre in Boston, Lincolnshire for a total consideration of £6.8m.

Primary Health stated the property was fully let to "a substantial GP practice" and a pharmacy and that the two leases, with a weighted average unexpired lease term of 13.5 years, were accretive to its portfolio WAULT and provided a "substantial proportion of government-backed income".

The FTSE 250-listed firm highlighted that the acquisition would increase its portfolio to a total of 520 assets, of which 20 were in Ireland, with a contracted rent roll of over £139.0m.

Chief executive Harry Hyman said: "Originally constructed in 2009, the property was extended in 2013/14 in order to provide the range of medical services required by the local community, which has allowed the patient list to grow significantly.

"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."

As of 0855 GMT, Primary Health shares were up 0.40% at 151.70p.