Aberdeenshire medical centres change hands for Â£7.2m

Two Aberdeenshire healthcare facilities have been sold to a London-based investment group for a total of Â£7.2 million.

By The Newsroom Tuesday, 24th January 2017, 7:27 am Updated Tuesday, 24th January 2017, 7:35 am

The deals, in Cove Bay and Pitmedden, take Primary Health Properties' portfolio to 298. Picture: Phil Wilkinson

Primary Health Properties (PHP) said it had acquired the entire issued share capital of Carden Medical Investments, which owns the Cove Bay and Pitmedden medical centre, serving nearly 20,000 patients.

Cove Bay is fully let to a GP practice and the Scottish Ministers on leases that each have an unexpired term of just over 15 years. The Pitmedden facility is fully let to the Haddo Medical Group on a lease that has an unexpired term of 13 years.

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The deal takes PHP’s portfolio to 298 assets, including one property in Ireland, with a total value of about £1.2 billion.