PHP acquires Boston primary care centre

Primary Health Properties (PHP) has acquired the Parkside Medical Centre in Boston, Lincolnshire for £6.8m.

The specialist healthcare REIT said the acquisition would increase its portfolio to a total of 520 assets, of which 20 are in Ireland, with a contracted rent roll of over £139m.

The property is fully let to a substantial GP practice and a pharmacy.  The two leases, with a weighted average unexpired lease term (WAULT) of 13.5 years, are accretive to the portfolio WAULT and provide for a substantial proportion of government backed income.

PHP CEO Harry Hyman said: ‘We are delighted to be making this acquisition of a modern, purpose-built facility in Boston.  Originally constructed in 2009, the property was extended in 2013/14 in order to provide the range of medical services required by the local community, which has allowed the patient list to grow significantly.

‘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.’