PHP buys keyworker flats at Wansbeck General

Primary Health Properties has acquired a modern keyworker accommodation unit located next to Wansbeck General Hospital for a total consideration of £22.8m.

The property at Maple & Elm Court, which is currently let to the Northumbria Healthcare NHS Foundation Trust, 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.

PHP told investors on Wednesday that the unexpired lease term of 29 years was accretive to the overall weighted average unexpired lease term of its portfolio and that the NHS had also provided a strong covenant.

Managing director Harry Hyman said: "Maple & Elm Court is an attractive addition to the portfolio with a very long unexpired lease term, benefitting from annual fixed rent reviews."

"The acquisition represents a similar investment to our primary care buildings as it is let to an 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."

As of 0940 BST, PHP shares were untraded on 112.80p.