Primary Health Properties acquires Wincanton medical centre

Real estate investment trust Primary Health Properties (PHP) has completed the £4.37m acquisition of Wincanton Medical Centre in Somerset.

Completed in 2011 with a 19.5-year unexpired certain term, the 983sq metre property had just two leaseholders, the partners of the medical centre itself and a pharmacy unit let to Boots UK.

The acquisition was set to increase PHP's portfolio to a total of 306 assets, giving the firm a gross value of more than £1.32bn and a contracted rent roll of just over £72m per year.

Harry Hyman, managing director of Primary Health Properties, said, "Wincanton Medical Centre is a positive addition to the portfolio being located within a growing catchment area with ongoing nearby residential development in progress."

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

As of 0835 GMT, shares had gained 0.66% to 114.25p.