The Q309 IMS reiterated the underlying stability of a fully let portfolio and scope for new investment post October’s £58m equity issue. Also interesting was the scale of recent rent increases, ie 3.16% pa achieved on leases reviewed during the period. That suggests that primary health assets are genuinely being assessed on a commercial, independent basis. They should benefit from structural shortages of such property, compounded by pressure on GPs and other primary care practitioners to make efficient use of budgets. Against that backdrop, any brake applied to NHS spending may increase demand for, and the value of, group assets.

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