PHP expands health centre portfolio with Kidderminster acquisition
PRIMARY Health Properties, one of the UK’s largest providers of modern primary healthcare facilities, has expanded its portfolio with three new health centres – including one in the West Midlands – in a deal worth more than £14m.
The properties, which include the 2,387m² Hume Street Medical Practice in Kidderminster, have all been built within the last two years and have a weighted average unexpired lease term (WAULT) of 26 years.
The other properties are the 916m² South Petherton Medical Centre and the 310m² West One Surgery in Crewkerne.
In addition, a pipeline agreement has been completed, giving PHP exclusive rights to acquire three further medical centres that are to be developed by the vendor. These are all expected to reach financial close during 2014 and be completed within the 12 to 15 months thereafter. These assets are expected to cost a total of £10.9m and be fully let upon completion for an average term of 22 years.
