LONDON (ShareCast) - (Sharecast News) - Healthcare facilities investor Primary Health Properties announced on Monday that, following its merger with MedicX Fund, it has contracted to acquire a new primary healthcare medical centre in Kew, London, by way of forward-funding.
The FTSE 250 company said the property was due to be completed in October, and would have a net internal area of around 845 square metres for a total cost of £4.6m.

It said the main tenant of the completed development would be the general practitioners of the North Road Surgery on a 25-year lease, with three-yearly reviews to market rent.

A social prescribing charity, CWC, was taking a five-year lease of the remaining area.

CWC had been set up to work in partnership with the NHS and local authorities in the delivery of new, purpose built primary care centres in London, with a view to the better integration of primary health, social and community care in local communities, PHP explained.

It said its aim was to reduce the reliance of residents on the NHS as the first port of call for every ailment, however minor, and to deliver social prescribing programmes aimed at illness prevention as an integral part of primary care service delivery.

The acquisition increased PHP's total portfolio, following completion of the merger with MedicX Fund, to 484 assets - of which seven were currently under construction - with a gross value of more than £2.3bn and a contracted rent roll of over £125m.

"We are delighted to announce this transaction, which is the first opportunity that has come through as part of the merger with MedicX, from which we see significant opportunities to grow our portfolio and support the modernisation of the primary care infrastructure and widening of the provision of healthcare services," said Primary Health Properties managing director Harry Hyman.

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

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