Primary Health Properties deal flow slows amid high prices; pandemic distruption

Wed, 12th May 2021

Healthcare facility investor Primary Health Properties said is rate of acquisitions had slowed, owing to high asset prices and disruptions caused by the pandemic. 'The first quarter of 2021 has been characterised by a lack of suitable product, strong pricing and a very competitive market,' the company said. It said the conditions meant it had only acquired one standing investment, the Shankhill primary care centre in Ireland, for €3.8 million in March. 'Excluding direct developments, we have continued to generate and grow a strong off-market pipeline of potential acquisitions both in the UK and Ireland totalling approximately £230 million including £63 million in legal due diligence,' it added. 'However, the Covid-19 pandemic has resulted in vendors withdrawing from sales negotiations, protracted negotiations and due diligence resulting in delays to completing acquisitions in the year to date.' Primary Health Properties said rental collection continued to remain robust, with over 99% of second-quarter rent received as at 30 April. Story provided by StockMarketWire.com

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