Primary Health Properties has announced a 73.7% increase in profits in the six months to June alongside the acquisition of three new properties in two deals for £35m.
In its results for the six months to the end of June, it said that earnings were £15.4m, compared to £12.6m the year before. Profit meanwhile increased from £25.5m to £44.3m, while net rental income rose by 8.1% to £34.8m. It said the portfolio was 99.7% let with a 13.3 year unexpired lease term.
Over the reporting period, PHP also completed it first private placement, raising £100m in a 10-year senior secured note. The proceeds have been partially used to refinance the £115m facility it had with a RBS and Santander, and for a new £50m bilateral facility with RBS.
Primary Health Properties has announced a 73.7% increase in profits in the six months to June alongside the acquisition of three new properties in two deals for £35m.
In its results for the six months to the end of June, it said that earnings were £15.4m, compared to £12.6m the year before. Profit meanwhile increased from £25.5m to £44.3m, while net rental income rose by 8.1% to £34.8m. It said the portfolio was 99.7% let with a 13.3 year unexpired lease term.
Over the reporting period, PHP also completed it first private placement, raising £100m in a 10-year senior secured note. The proceeds have been partially used to refinance the £115m facility it had with a RBS and Santander, and for a new £50m bilateral facility with RBS.
Harry Hyman, managing director of PHP, said: “Notwithstanding the uncertainties in the current political and economic landscapes, the demand for modern, purpose-built accommodation in primary care is undoubted.
“The delivery of the NHS Five Year Forward View depends on many things but investment in primary care is essential for their success. We are committed to investing in growing our portfolio to support the modernisation agenda both in the UK and Ireland.”
Three transactions were completed after the reporting period.
In the first, it will buy the entire issued share capital of Ettrick Health Limited, which owns the Low Grange Health Village in Middlesbrough and the Evenwood Medical Centre in Bishop Auckland, for £27.1m. The two facilities serve approximately 25,000 patients.
In the second, it bought a primary care centre in Syston, Leicestershire, for £8.4m.
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