PHP to raise £120m

Primary Health Properties is looking to raise £120m through a shares placing to fund pipeline acquisition and asset management. It will use the proceeds to acquire and forward fund developments, with a short-term pipeline of 11 developments at £92m and active management capex of around £36m. Some £44m of acquisitions are in Ireland, and the assets comprise larger developments in line with PHP’s strategy to focus on hub primary care centres. The placing would also reduce PHP’s loan-to-value from 45.8% to 41% on a pro-forma basis. PHP said the “tragic impact” of Covid-19 had brought the need to support the NHS into focus. Numis Securities and Peel Hunt will act as joint bookrunners. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette