Primary Health Properties sells 13 centres for £27.7m

Primary Health Properties said it has sold a portfolio of 13 smaller medical centres across England and Wales for £27.7m.

The sale price is 13% above PHP's book value at 31 December 2021. Following completion of the sale, which is anticipated to take place later this month, the company's portfolio will comprise 511 assets, of which 20 are in Ireland, with a contracted rent roll of just under £143m.

"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," said chief executive Harry Hyman.

"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."

Reporting by Frank Prenesti at Sharecast.com