Primary Health Properties buys major Scotland facility for £8.7m

Primary healthcare facilities investor Primary Health Properties announced on Monday that it has contracted to acquire a standing let investment property situated in Stenhousemuir, Falkirk, Scotland.

The FTSE SmallCap firm said a wholly owned subsidiary agreed to acquire Stenhousemuir Medical Centre for £8.65m.

It said the property comprised 2,450 square metres, and was fully let to the Scottish Minister with a patient list of more 19,000 people - substantially the largest in the local area.

This acquisition would increase PHP's portfolio to a total of 305 assets with a gross value of around £1.32bn, and a contracted rent roll of approximately £71.7m.

“Stenhousemuir Medical Centre provides a positive addition to the portfolio being the principal and largest primary care centre in the area with a substantial patient list,” said Primary Health Properties managing director Harry Hyman.

“The building represents a modern and purpose built dedicated healthcare facility with the benefit of onsite expansion space.

“We have a strong pipeline of acquisitions in the UK and Ireland and remain well positioned to continue growing the portfolio.”