Primary Health Properties PLC (LSE:PHP, FRA:PP51), the investor in health centres, is spending £40mln on assets in Bury, Lancashire.
A purpose-built facility that serves 22,300 patients and provides a base for 17 GPs, the Townside Primary Care Centre it is acquiring is fully-let.
The same can be said of the next-door offices PHP is also buying, with 90% of the income from the latter coming from one tenant – the local council.
The weighted average unexpired lease term for the building is 10.8 years with 91% of the rent secure against government-backed tenants.
Post the latest deal, PHP has 515 assets with a contracted rent roll of £138mln.
"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.