# Primary Health Properties Forward Funding Acquisition of New Primary Care Centre in Eastbourne

- Link: https://www.directorstalkinterviews.com/primary-health-properties-forward-funding-acquisition-of-new-primary-care-centre-in-eastbourne/412799855
- Published: 2019-12-04T07:28:53+00:00
- Author: Giles Arbor

**Primary Health Properties PLC** (LON: PHP), one of the UK’s leading investors 
in modern primary healthcare facilities, announced earlier that a wholly owned subsidiary
of PHP has contracted to provide development funding for the construction of a purpose
built medical centre in Eastbourne, East Sussex for a total cost of £8.4 million(
net assets acquired of £8.4 million), which will be wholly owned by PHP upon its
completion.

The property will provide modern facilities for two merged GP practices to deliver
primary care services for a patient list of over 18,000. The building will be constructed
to a high specification and is expected to achieve a BREEAM ‘Excellent’ rating, 
comprising an area of 1,976 m2 to be fully let for 25 years from completion to the
GP practice.

This acquisition will increase PHP’s portfolio to a total of 486 assets with a gross
value of just under £2.4 billion and a contracted rent roll of approximately £127
million.

![Harry Hyman primary health properties (PHP)](https://www.directorstalkinterviews.
com/wp-content/uploads/2019/12/Harry_Hyman-primary-health-properties.png "Primary
Health Properties Forward Funding Acquisition of New Primary Care Centre in Eastbourne(
PHP)")

> **Harry Hyman, Managing Director of Primary Health Properties, commented:**
> “We are 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.”

Share on: