Primary Health Properties PLC (LSE:PHP, OTC:PHPRF) has acquired the Chiswick Medical Centre in London for £34.5mln.
The property is fully let to HCA International Ltd with an unexpired term of just under 20 years and benefits from five-yearly annually compounded retail price index led rent reviews.
This acquisition will increase PHP's portfolio to a total of 524 assets, of which 20 are in Ireland, with a contracted rent roll of just under £143mln.
"We are delighted to have acquired this state-of-the-art diagnostic centre in London, let to an excellent covenant which provides a wide range of services which alongside the NHS is assisting with tackling the significant backlog of referrals following COVID-19,” said Harry Hyman, chief executive of Primary Health Properties.
"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,” he added.