Primary Health Properties PLC (LON:PHP) has acquired a modern keyworker accommodation unit for a total consideration of £22.8mln, located next to Wansbeck General Hospital and let to Northumbria Healthcare NHS Foundation Trust.
The FTSE 250-listed firm, one of the UK's leading investors in modern primary healthcare facilities, said the unexpired lease term of 29 years “is accretive to the overall WAULT of the PHP portfolio and the Trust provides a strong covenant”.
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The group noted that the acquisition will increase PHP's portfolio to a total of 313 assets with a gross value of almost £1.5bn and a contracted rent roll of over £77mln.
Harry Hyman, managing director of Primary Health Properties, commented: "Maple & Elm Court is an attractive addition to the portfolio with a very long unexpired lease term, benefitting from annual fixed rent reviews.
“The facility is ideally located immediately next to the Wansbeck General Hospital and offers a key service for the hospital and the wider Trust which operates throughout the region.”
He concluded: “The acquisition represents a similar investment to our primary care buildings as it is let to an NHS covenant on a long-term basis. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio."