A wholly owned subsidiary of Primary Health Properties (PHP) has been contracted to provide development funding for the construction of a purpose-built medical centre in Eastbourne, East Sussex for a total of £8.4 million.
The property, which will be wholly owned by PHP upon completion, will provide modern facilities for two merged GP practices to deliver primary care services to more than 18,000 patients.
The building is expected to be fully let to the GP practice for 25 years.
The acquisition will increase PHP’s portfolio to a total of 486 assets with a gross value of just under £2.4 billion.
Harry Hyman (pictured), managing director of PHP, said: "We’re delighted to announce this transaction, which is one of several development projects which the group is pursuing at present in the UK and in Ireland and can be funded with the proceeds of our recent successful £100 million placing.”
“The transaction supports the delivery of high-quality primary care in Eastbourne and generates shareholder value by delivering a new facility with a long unexpired lease term. 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."
Sister companies of HealthInvestor UK have an interest in PHP
Date published: December 4, 2019