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Primary Health Properties raises £115m to scoop up GP surgeries

Primary Health Properties (PHP), one of the largest owners o..

Primary Health Properties (PHP), one of the largest owners o..

Primary Health Properties (PHP), one of the largest owners of modern GP medical centres in the UK, announced this morning that it had raised £115m to beat its goal of £100m.

The fundraise, which attracted capital from new and existing retail and institutional investors rather than being a standard placing with institutions, should help PHP climb into the FTSE 250 at the next review.

PHP currently has a portfolio of 307 healthcare centres, worth £1.4bn, and has identified a £150m pipeline of acquisitions to make in the UK and Ireland.

Read more: One of the largest listed owners of GP surgeries in the UK is raising £100m to make more acquisitions

“The proceeds will enable PHP to grow its portfolio and the board believes the pipeline of acquisition targets will deliver significant returns to shareholders," said PHP's managing director Harry Hyman.

He added that the oversubscribed fundraise "demonstrates that investors firmly believe in the need to deliver an increased number of next-generation health services", supporting "the modernisation of primary care services and alleviating the growing pressure on the NHS and state-funded healthcare services in Ireland".

PHP's shares were up 0.37 per cent in late afternoon trading.

Read more: Aberdeen Standard gives its long lease fund a facelift with a £40m Harley Street deal

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