Primary Health Properties (PHP) has increased its portfolio to 490 assets after contracting to acquire a new primary care centre in Epsom, Surrey.
The specialist REIT, which announced EPRA earnings of £59.7m in 2019, has contracted with a developer to fund the fit-out of the 831m2 property and will acquire the long leasehold interest on completion of the work for a total cost of £4.1m.
The property will be let to the Ashley Surgery for an initial term of 20 years from practical completion.
PHP managing director Harry Hyman said: ‘We are delighted to be able to finance the relocation of an existing long-standing doctors’ practice with a patient list of over 9,000 to modern new premises, funded with the proceeds of our successful £100m placing in September 2019. The transaction continues the improvement of the quality of our portfolio by delivering a new facility with a long unexpired lease term and located in a prime location in the commuter town of Epsom. We continue to have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio.’