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Connell C - LB Mar 2022

Primary Health Properties sells off smaller assets

Harry Hyman, Primary Health Properties
Harry Hyman, Primary Health Properties

Primary Health Properties (PHP), a real estate investment trust which invests in modern primary healthcare, has sold a portfolio of 13 smaller medical centres located across England and Wales, for £27.7 million.

The sale price is 13% above PHP’s 31 December 2021 book value, representing around 60 basis points of yield compression.

Following the sale, PHP’s portfolio will comprise 511 assets, of which 20 are in Ireland, with a contracted rent roll of just under over £1,423 million.

PHP chief executive Harry Hyman said: “We are delighted to have been able to achieve such a strong price for this portfolio of medical centres, which comprises smaller facilities significantly below our average lot size. The disposal will allow us to deploy the proceeds into our strong pipeline across the UK and Ireland which we believe will deliver stronger returns.”

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