Primary Health Properties PLC (LON:PHP) has announced that a wholly owned subsidiary of PHP has acquired the Moredon Medical Centre (net assets acquired £6.1mln), a standing let investment property situated in Moredon, Swindon.
The FTSE 250-listed healthcare facilities owner said the property comprises of a modern, purpose built 1,446 square metres medical centre which is fully let to the Moredon Medical Centre Partnership, receiving rent re-imbursement in the usual manner through a long-term government-backed lease agreement.
It also comprises of Lloyds pharmacy unit with a WAULT of approximately 27.5 years, which is accretive to the overall portfolio.
Primary Health Properties said the GP patient list it amongst the largest in the local area and is expected that the patient list size will continue to grow.
The company said this acquisition will increase its portfolio to a total of 309 assets with a gross value of approximately £1.375bln and a contracted rent roll of approximately £73.5mln.
Harry Hyman, managing director of the company, said: “Moredon Medical Centre provides a positive addition to the portfolio representing a large and growing patient list in the area.”
He added: “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.”