Primary Health Properties To Forward Fund Eastbourne Medical Centre

(Alliance News) - Primary Health Properties PLC said Wednesday it has agreed to provide ...

Alliance News 4 December, 2019 | 8:49AM
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(Alliance News) - Primary Health Properties PLC said Wednesday it has agreed to provide development funding for the construction of a medical centre in Eastbourne, Sussex, for a total cost of GBP8.4 million.

The property will provide modern facilities for two merged GP practices, for the provision of primary care services for a patient list of 18,000. The building itself will comprise an area of 1,976 square metres to be fully let for 25 years from its completion.

The acquisition of the building will increase Primary Health's portfolio to a total of 486 assets, with a gross value of GBP2.4 billion, and a contracted rent roll of GBP127 million.

"We are delighted to announce this transaction, which is one of several development projects which the group is pursuing at present in the UK and in Ireland and can be funded with the proceeds of our recent successful GBP100 million placing. The transaction supports the delivery of high quality primary care in Eastbourne and generates shareholder value by delivering a new facility with a long unexpired lease term," said Managing Director Harry Hyman.

"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," Hyman added.

Shares in the healthcare-focused property investor were down 0.2% at 148.75 pence on Wednesday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Primary Health Properties PLC 151.00 GBX 0.67 -

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