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Primary Health Properties inks £8.4mln funding deal for Eastbourne medical centre

According to the managing director this deal is “one of several development projects which the group is pursuing at present in the UK and in Ireland”

Primary Health Properties PLC -  Primary Health Properties

Primary Health Properties PLC (LON:PHP) has inked an £8.4mln deal to providing funding for the construction of a medical centre in Eastbourne, England, as the property investor continues to grow its portfolio.

In a statement, the FTSE 250-listed healthcare facility builder said that over 18,000 patients will benefit from primary care facilities to be built for two merged GP practices, and the property will be wholly-owned by PHP after completion.

READ: Primary Health Properties and Assura initiated at ‘overweight’ as Barclays turns positive on UK primary care

This acquisition increases PHP's portfolio to 486 assets, with a total gross value of just under £2.4bn, and a contracted rent roll of approximately £127mln.

The company said the 1,976 square metre building will be constructed to a high specification and will be fully let for 25 years from completion.

Back in September, PHP raised £100mln from institutional investors in a placing, saying it spied “very attractive” opportunities on the horizon to develop new healthcare premises in Ireland and the UK.

Harry Hyman, managing director of Primary Health Properties, said the deal was “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 the recent placing. 

Quick facts: Primary Health Properties PLC

Price: 155.1635 GBX

LSE:PHP
Market: LSE
Market Cap: £2.04 billion
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