REG - Primary Health Props - Disposal of 13 assets for £27.7 million

Primary Health PropertiesAnnouncement

07/07/2022 07:16

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RNS Number : 6016R  Primary Health Properties PLC  07 July 2022

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 (http://www.phpgroup.co.uk/)

 

Further details:

 

 Harry Hyman                                                       Richard Howell

 Chief Executive Officer                                           Chief Financial Officer

 Tel: +44 (0) 20 7451 7050                                         Tel: +44 (0) 20 3833 3342

 David Rydell / Steph Whitmore / Hannah Ratcliff

(Buchanan Communications)

 Tel: +44 (0) 20 7466 5066

 

 

 

 

Legal Entity Identifier: 213800Y5CJHXOATK7X11

 

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