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QuotedData’s morning briefing 27 August 2021

Primary Health Properties makes its fifth acquisition in Eire

In QuotedData’s morning briefing 27 August 2021:

  • Primary Health Properties (PHP) has acquired the Townside Primary Care Centre and adjacent office building in Bury, Lancashire for a total consideration of £40m. The Townside Primary Care Centre is a substantial purpose-built primary care hub fully let to NHS Property Services and a pharmacy. The office accommodation is also fully let with 90% of income secured against Bury Council. This acquisition will increase PHP’s portfolio to a total of 515 assets, with a contracted rent roll of over £138 million. Harry Hyman, MD of Primary Health Properties, said: “We are delighted to be making this substantial acquisition of a modern, purpose-built hub facility in Bury. The Primary Care Centre serves approximately 22,300 patients, with a total of 17 GPs.  The adjacent offices at 3 Knowsley Street are a key local government asset and operates as the main administrative offices for Bury Council.”
  • Yew Grove REIT (YEW) has released its interim results for the six months to 30 June 2021. Its NAV per share remained flat during the period but its portfolio valuation increased from €141.9m in December 2020 to €168.1m in June 2021. Period property valuations increased by €2.1m (1.3%) after absorbing the costs of 2021 property purchases while properties owned throughout the period increased in value by 2.4%. YEW enjoyed strong rent collections for the first half of the year in excess of 99% and its quarterly dividend payments have continued with total aggregate year-to-date dividend distribution per ordinary share of 2.55 cents declared for the six months under review.  Jonathan Laredo, CEO, said: “In the first half of 2021, Ireland continued to work from home. Despite the strains imposed on all by the Covid-19 pandemic, the company delivered leading rent collections, a growing rent roll and stability of its portfolio valuation. YEW has raised and deployed further equity capital, increased its office and industrial asset portfolios and rent roll, reduced vacancy and begun its first industrial development for a life sciences tenant. We have a programme of additional asset management works underway and an identified pipeline of accretive investments.”

We also have interim results from BBGI Global Infrastructure.

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