Primary Health Properties acquires Chiswick Medical Centre

Property investor Primary Health Properties has acquired London's Chiswick Medical Centre for a total consideration of £34.5m.

Primary Health said on Thursday that the property was fully let to HCA International, with an unexpired term of just under 20 years and five-yearly annually compounded RPI-led rent reviews.

The FTSE 250-listed firm added that the acquisition will increase its portfolio to a total of 524 assets, 20 of which were in Ireland, with a contracted rent roll of just under £143.0m.

Chief executive Harry Hyman said: "We are delighted to have acquired this state-of-the-art diagnostic centre in London, let to an excellent covenant which provides a wide range of services which alongside the NHS is assisting with tackling the significant backlog of referrals following Covid-19.

"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."

As of 0805 BST, Primary Health shares were up 0.13% at 149.90p.