Primary Health Properties PLC Portfolio Update

Primary Health Properties

Primary Health Properties PLC (LON:PHP), one of the UK’s leading investors in modern primary healthcare facilities, announced that it has acquired the entire issued share capital of Chapeloak Investments Limited, whose sole activity is the ownership of the Oakwood Lane Medical Centre in Leeds, for a total consideration of £5.425 million (net assets of £5.425 million).

The Property was completed in 2014 and comprises a modern, purpose built 1,177m2 medical centre. The Property is fully let to a GP practice that serves over 13,500 patients and is amongst the largest practices in the local area and a pharmacy unit. The pharmacy unit within the medical centre benefits from rent reviews linked to RPI. Together the GP Practice and Pharmacy leases have a WAULT of 20.6 years which is accretive to the overall WAULT of the PHP portfolio.

In addition, a wholly owned subsidiary of PHP has contracted to provide development funding for the construction of a purpose-built medical centre in Langwith, Derbyshire for a total cost of £1.8 million (net assets acquired of £1.8 million), which will be transferred to PHP upon its completion.

The property will be fully let to Derbyshire Community Health Services NHS Foundation Trust (the “Trust”) on a 20 year lease which will be accretive to the overall WAULT of the PHP portfolio. The Trust is one of the largest providers of specialist community health services in the country and represents a strong covenant. The Property will be a benefit to the health offering in Langwith providing a range of medical services to the local community.

These transactions increase PHP’s portfolio to a total of 315 assets with a gross value of just over £1.5 billion and a contracted rent roll of just under £80 million.

Harry Hyman, Managing Director of Primary Health Properties, commented:

“These transactions further grow the portfolio, generating shareholder value by adding to the Group’s rent roll and extending its WAULT. They will also benefit not only our shareholders but also our other stakeholders in delivering modern fit for purpose facilities for the provisions of local healthcare services that are easily adapted to meet changing healthcare needs. We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure.”

Share on:

Latest Company News

Primary Health Properties forms £700m hospital joint venture with GIC

Primary Health Properties has agreed to establish a 50:50 joint venture with GIC, seeded with 27 private hospitals valued at approximately £700 million. PHP expects to receive net proceeds of around £500 million to reduce debt, including repayment of its Assura acquisition bridging facility, while retaining a 50% interest and management responsibilities.

PHP reports rental growth ahead of guidance as Joint Venture transactions progress

Primary Health Properties generated £5.8m of additional rental income from 480 rent reviews in the first nine months, with annualised rental growth of 3.1%, while joint venture transactions remain on track and five development projects continue to progress.

Primary Health Properties confirms talks over private hospital joint venture

Primary Health Properties says it is in advanced discussions over a potential contribution of its private hospital portfolio to a new joint venture.

Primary Health Properties 7.6% yield backed by “Accretive Earnings”, says Shore Capital (LON: PHP)

Primary Health Properties remains in focus after Shore Capital highlighted accretive earnings, rental growth momentum and an attractive yield outlook.

Primary Health Properties delivers higher 2025 earnings, £6.0bn healthcare property portfolio

Primary Health Properties delivered adjusted earnings of £131 million in 2025, with adjusted EPS up to 7.3 pence and dividend cover improving to 112%. The group’s enlarged healthcare property portfolio reached £6.0 billion following the Assura acquisition.

Primary Health Properties surplus cash fuels generous dividend, Gervais Williams impressed

Gervais Williams highlights the benefits of long-dated, inflation-linked leases, fixed-rate debt, and synergies from the Assura acquisition, which he believes support resilient earnings, dividend growth, and balance sheet strength despite higher interest rates.

    Search