PHP grows presence in Scotland

Real estate investment trust Primary Health Properties (PHP) has bought three medical centres, including one in Ayrshire, in a deal worth £9.55 million.

PHP said the New Cumnock centre, which is currently under construction, is due to be completed this month and will be fully let as a GPs’ clinic.

The firm, which raised £68.5m through a share issue in June, also bought two medical centres, in Surrey and West Sussex, in a deal that will add £650,000 to its rental income over an average lease term of more than 12 years.

PHP managing director Harry Hyman said: “This is another example of our ability to invest our recent fund raise in quality, primary care assets with long-term income streams. With over 200 properties across the UK, the outlook for further capital and income growth is positive.”

Yesterday’s acquisitions follow PHP’s £6.35m purchase of the Gracemount Medical Centre in Edinburgh last week.