Primary Health Properties' acquisition lifts portfolio value to c.£1.25bn

Primary Health Properties' (PHP) latest acquisition has boosted its portfolio to 300 assets with a gross value of about £1.25bn and a contracted rent roll of just over £70m.

It had contracted to fund the development of a purpose built primary care centre in Churchdown, Gloucestershire.

A wholly owned subsidiary of PHP had contracted to provide development funding for the construction of the property for a total cost of £5.0m (net assets acquired of £5.0m).

The property -- to comprise an area of 1,184 sq m and to be fully let for twenty years from completion -- would be wholly owned by PHP upon its completion.

It would be let to a GP surgery with a patient list of over 13,500, in addition to a pharmacy.

"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," said managing director Harry Hyman.

At 10:49 BST, shares in PHP were flat at 112.25p each.