Primary Health Properties to acquire medical and office facility in North East of England

Healthcare facilities investor Primary Health Properties has agreed to acquire a medical and office facility in the North East of England for a total of £10.0m.

Primary Health stated the acquisition, expected to complete in the second quarter of 2022 following a comprehensive refurbishment of the premises, will increase its portfolio to a total of 521 assets, with a contracted rent roll of over £140.0m.

The FTSE 250-listed group highlighted that on completion of the refurbishment, the asset's NHS tenant will enter into a new long-term lease, with index-linked rent reviews. It also added that the acquisition would be accretive to its overall portfolio WAULT and provide 100% government-backed income.

Chief executive Harry Hyman said: "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."