A wholly owned subsidiary of Primary Health Properties (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 £8.4m.
The centre will be wholly owned by PHP upon its completion and fully let for 25 years to the GP practice.
The property will provide modern facilities for two merged GP practices to deliver primary care services for more than 18,000 patients.
‘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 £100m placing,’ said Harry Hyman, managing director of PHP. ‘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.’
Hyman said PHP has a strong pipeline of opportunities in the UK and Ireland and is well positioned to continue to grow its portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure.
This acquisition will increase PHP’s portfolio to a total of 486 assets with a gross value of just under £2.4bn and a contracted rent roll of approximately £127m.
Last month, PHP was contracted to fund the development of another medical centre for £4.9m.