Primary Health Properties is buying two modern, purpose built health care facilities for a total consideration of £8.7m by acquiring:
1) the entire share capital of a company whose sole asset and activity is the ownership of a medical centre located in Thornaby, North Yorkshire (pictured). The property is occupied by two GP practices, a pharmacy, optician and the NHS on leases that each have an unexpired term of 13.5 years. The company has been acquired with the benefit of an existing bank loan in the sum of £2.6m that carries interest at a rate of 1% above LIBOR.
2) the Jubilee Medical Centre in Croxteth, Liverpool. The centre is currently being extended and undergoing a complete refurbishment and will be acquired upon completion with the benefit of new 25 year lease to the incumbent GP partnership. The construction work is expected to be completed by Q4 2015.
These acquisitions increase PHP’s portfolio to a total of 271 assets with a total annual contracted rent roll of £62.6m.
PHP : Primary Health buys two medical centres