Healthcare investor acquires accommodation unit for £22.8m

Primary Health Properties, one of the UK’s leading investors in modern primary healthcare facilities, announces that it has acquired a modern keyworker accommodation unit for a total consideration of £22.8m.

The facility is located next to Wansbeck General Hospital and is let to Northumbria Healthcare NHS Foundation Trust.

PHP has acquired a company whose sole asset and activity is the ownership of Maple & Elm Court. The unexpired lease term of 29 years is accretive to the overall WAULT of the PHP portfolio and the trust provides a strong covenant.  

This acquisition will increase PHP’s portfolio to a total of 313 assets with a gross value of almost £1.5bn and a contracted rent roll of over £77m.  

Harry Hyman, managing director of Primary Health Properties, commented: “Maple & Elm Court is an attractive addition to the portfolio with a very long unexpired lease term, benefitting from annual fixed rent reviews. 

“The facility is ideally located immediately next to the Wansbeck General Hospital and offers a key service for the hospital and the wider Trust which operates throughout the region. 

“The acquisition represents a similar investment to our primary care buildings as it is let to a NHS covenant on a long term basis.  

“We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio.”