Primary Health Properties (PHP) has contracted with a developer to fund the development and acquisition of a purpose-built primary care centre in Mountain Ash, Rhondda Cynon Taf in Wales.

A wholly owned subsidiary of PHP has contracted to provide development funding for the construction of the property for a total cost of £4.92 million.

The acquisition will increase PHP’s portfolio to 485 assets with a gross value of just under £2.4 billion and a contracted rent roll of just under £127 million.

The property will be let to Cwm Taf Morgannwg University Local Health Board for an initial term of 25 years.

The centre will accommodate two local GP practices, having a combined patient list of 11,500 patients, and provide a range of local health board services, including district nurses, health visitors, public health and other community services.

PHP managing director Harry Hyman (pictured) said: “We are delighted to announce this transaction, one of a number of development projects the group is pursuing at present and which can be funded with the proceeds of our recent successful £100 million placing.

“The transaction improves the quality of our portfolio by delivering a new facility with a long unexpired lease term, built to the highest environmental standards. 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.”

*Sister companies of HealthInvestor UK have an interest in PHP