There were no further additions to the portfolio in Q3, but stable investment yields and rental growth averaging 3.23% pa during the period - slightly ahead of the interims in August - will have benefited underlying NAV. A new £25m 10-year facility adds firepower for acquisitions in line with PHP's investment-driven growth strategy, ie purchases in the open market, rather than via an owned development pipeline. Management remains confident that it will continue to secure suitable assets.

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