viewPrimary Health Properties PLC

Primary Health Props - Forward Funding Acquisition of New PCC

RNS Number : 5652V
Primary Health Properties PLC
04 December 2019

4 December 2019


Primary Health Properties PLC

Forward Funding Acquisition of New Primary Care Centre in Eastbourne


Primary Health Properties PLC ("PHP"), one of the UK's leading investors in modern primary healthcare facilities, announces that a wholly owned subsidiary of PHP has contracted to provide development funding for the construction of a purpose built medical centre in Eastbourne, East Sussex for a total cost of £8.4 million (net assets acquired of £8.4 million), which will be wholly owned by PHP upon its completion. 


The property will provide modern facilities for two merged GP practices to deliver primary care services for a patient list of over 18,000.  The building will be constructed to a high specification and is expected to achieve a BREEAM 'Excellent' rating, comprising an area of 1,976 m2 to be fully let for 25 years from completion to the GP practice.   


This acquisition will increase PHP's portfolio to a total of 486 assets with a gross value of just under £2.4 billion and a contracted rent roll of approximately £127 million.  


Harry Hyman, Managing Director of Primary Health Properties, commented:


"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 £100 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.  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."


More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk


Further details:


Harry Hyman

Managing Director

Tel: +44 (0) 20 7451 7050

Richard Howell

Finance Director

Tel: +44 (0) 20 7104 5599


David Rydell / Steph Watson / Tilly Abraham
(Buchanan Communications)

Tel: +44 (0) 20 7466 5066



Legal Entity Identifier: 213800Y5CJHXOATK7X11


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

Quick facts: Primary Health Properties PLC

Price: 157.2

Market: LSE
Market Cap: £1.91 billion

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Primary Health Properties to 'continue generating strong returns'

Capital Network analyst Ed Stacey reckons the conditions remain in place for Primary Health Properties PLC (LON:PHP) to continue generating strong returns in the next few years and to continue its unbroken run of dividend increases. PHP is a real estate investment trust (REIT) that...

on 11/6/19