Primary Healthcare Properties hits £1bn
PRIMARY Healthcare Properties’ (PHP) acquisition spree over the first half of the year has helped its property portfolio reach £1bn for the first time.
The company, which develops and invests in new medical practices across the UK, said yesterday that its portfolio had increased by 4.3 per cent since December 2013, after adding a further £23m of new assets.
Its net asset value per share increased by 2.7 per cent to 308p, up from 300p at 31 December 2013 thanks to greater than expected yield compression, with a £16.1m uplift in the value of the portfolio.
Rents increased 50 per cent to £29.4m, helping to lift the annual rent roll by 3.1 per cent to £59.4m.
PHO’s managing director Harry Hyman said it will continue to eye new acquisitions in the second half: “The increasing demand for healthcare services and continued drive to deliver more care from modern local facilities will maintain the need for the types of new premises that PHP provides.”