Primary Health Properties PLC
(“PHP” or the “Group”)
Disposal of 13 assets for £27.7 million
Primary Health Properties PLC (“PHP”), one of the UK's leading investors in modern primary healthcare facilities, announces that it has exchanged contracts to sell a portfolio of 13 smaller medical centres, located across England and Wales, for a price of £27.7 million.
The sale price is 13% above PHP's 31 December 2021 book value, representing around 60bps of yield compression.
Following completion of the sale, which is anticipated to take place later in July 2022, PHP's portfolio will comprise 511 assets, of which 20 are in Ireland, with a contracted rent roll of just under £143 million.
Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:
“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.”
More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk