The REIT focussed on healthcare facilities, Primary Health Properties (PHP) shares rose 0.6% to 149p after the company announced an acquisition of a newly refurbished clinical facility in Chertsey, Surrey for £6.95m.
The Surrey and Borders Partnership NHS Foundation Trust has a new 20-year FRI lease on the property, which includes RPI-based rent reviews. From the structure, the Trust will primarily provide drug and alcohol rehabilitation, as well as administrative operations.
This acquisition contributes to WAULT’s overall portfolio. Harry Hyman, CEO of PHP said they have a “strong pipeline of opportunities in the UK and Ireland,” and with this transaction, PHP’s portfolio grows to 522 assets, 20 of which are in Ireland, with a total ‘contracted rent roll’ of £141m.
“We are delighted to be making this acquisition of a healthcare asset that houses services being relocated from the nearby St Peter’s Hospital in line with the NHS’s strategy of moving ancillary services away from hospital settings,” said Hyman.
“Originally constructed in the late 1990s the property has undergone a comprehensive refurbishment, which will also enhance the building’s environmental credentials, to provide clinical accommodation on the ground floor and office space on the upper floors.”