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Primary Health Properties says pipeline in Ireland remains very strong as it works on 17th site

Primary Health Properties PLC’s (LON:PHP) boss Harry Hyman says it has plenty of cash for acquisitions after snapping up its 17th site in Ireland. The €18mln project is a primary care centre in Arklow, just south of Dublin and will be purpose-built to meet recently introduced nearly zero-energy building regulations. Construction has also restarted on other projects in Ireland as coronavirus restrictions have lifted and Hyman says the pipeline there remains very strong. The trend toward shifting less critical procedures out of hospitals and into primary care centres and GP surgeries has accelerated due to the virus, he adds. Around 90% of rents from the portfolio are guaranteed by either the UK or Irish governments and payments for the quarter just ended are at 97-98%, says Hyman.

Quick facts: Primary Health Properties PLC

Price: 153.2485 GBX

LSE:PHP
Market: LSE
Market Cap: £1.87 billion
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Primary Health Properties: Current valuation 'still offers compelling returns'

Proactive Research analyst Ed Stacey says shares in Primary Health Properties PLC (LON:PHP) have outperformed the UK market year-to-date having already strongly outperformed during FY 2019. He argues that the current valuation still offers compelling returns for investors, driven by the...

on 14/5/20

2 min read