Primary Health Properties has acquired a portfolio of 22 purpose-built medical centres across England and Wales for £54m.
The properties are leased to GP practices and other NHS operators and pharmacies. Roughly 91% of the rental income is government-backed and all leases are reviewed every three years.
This brings PHP’s UK and Ireland portfolio to 510 assets with a gross value of just under £2.5bn and a contracted rent roll of £131m.
Following the acquisition, PHP has undrawn loan facilities and cash totalling £289m.
Harry Hyman, managing director of PHP, said: “Since completing the merger with the MedicX Fund in March 2019, we have invested or committed approximately £100m of capital into acquisition and development opportunities.
“The current coronavirus pandemic is expected to reinforce the need for modern, integrated primary care facilities to relieve pressure on hospitals and A&E facilities.”
The company also reported that it has collected 98% of rent due for Q2, with £700,000 outstanding. In Ireland, 97% of rent due by 1 April has been collected, with less than €100,000 outstanding.
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