£139m London healthcare real estate investor acquires £6.8m medical centre

Primary Health Properties PLC announced it has acquired the Parkside Medical Centre in Boston, Lincolnshire for a total consideration of £6.8m.

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

This acquisition will increase PHP’s portfolio to a total of 520 assets, of which 20 are in Ireland, with a contracted rent roll of over £139m.

Harry Hyman, CEO of Primary Health Properties, commented: “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.”