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Primary Health Properties acquires key worker accommodation

Primary Health Properties acquires key worker accommodation

Primary Health Properties acquires key worker accommodation – Primary Health Properties (PHP) has announced that it has acquired a modern accommodation unit for the NHS keyworkers of Wansbeck General Hospital in Ashington, Northumbria.

The purchase price of the unit is £22.8 million. Maple & Elm Court is located next to the Hospital and is let to Northumbria Healthcare NHS Foundation Trust.

PHP has acquired a company whose sole asset and activity is the ownership of this particular facility.  The unexpired lease term of 29 years should deliver positive growth to the overall WAULT of the PHP portfolio and the NHS Trust provides a strong covenant.

This acquisition will increase PHP’s portfolio to a total of 313 assets with a gross value of almost £1.5 billion and a contracted rent roll of over £77 million.

Comment from Harry Hyman, Managing Director of Primary Health Properties

“Maple & Elm Court is an attractive addition to the portfolio with a very long unexpired lease term, benefitting from annual fixed rent reviews.  The facility is ideally located immediately next to the Wansbeck General Hospital and offers a key service for the hospital and the wider Trust which operates throughout the region.  The acquisition represents a similar investment to our primary care buildings as it is let to a NHS covenant on a long term basis.  We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio.”

More on PHP

Primary Health Properties is a REIT. The objective of the group is to generate increased rental income and capital growth through investment in primary health property in the UK leased principally to GPs, NHS organisations and other associated healthcare users.

PHP : Primary Health Properties acquires key worker accommodation

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