Primary Health Properties (PHP) has contracted to fund the development and acquisition of a purpose-built primary care centre in Llanbradach, near Caerphilly in Wales for a total cost of £2.8m.
The 667m2 property will be let to the Aber and Village Medical Practices for an initial term of 25 years and will be accretive to the overall WAULT of the PHP portfolio.
This acquisition will take PHP’s portfolio to a total of 489 assets with a gross value of just over £2.4bn and a contracted rent roll of just under £128m.
PHP manning director Harry Hyman said:
‘We are delighted to announce this transaction, one of a number of development projects the Group is pursuing at present funded with the proceeds of our successful £100m placing in September 2019. The transaction improves the quality of our portfolio by delivering a new facility with a long unexpired lease term. We continue to have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio.’