6th Jun 2019 08:44
LONDON (Alliance News) - Primary Health Properties PLC on Thursday said the value of its portfolio rose to GBP2.3 billion following the merger with MedicX Fund Ltd.
After completing the deal in March, Primary Health Properties' portfolio increased to 484 properties with a gross book value of GBP2.3 billion. As at December 31, the property portfolio value amounted to GBP1.5 billion.
Contracted annualised rent roll is now "in excess of" GBP125 million, compared to GBP79.6 million as at the end of 2018, the healthcare facilities investor said.
"We are delighted to have successfully completed the merger with MedicX, bringing together two highly complementary portfolios and teams in the UK and Ireland, and the combined business represents a stronger platform for the future," Managing Director Harry Hyman said.
He added: "This transformational deal has created significant value for shareholders of the enlarged group and we continue to work assiduously to deliver the significant operating and financial savings outlined when the merger was announced earlier this year."
Primary Health Properties shares were trading 0.4% lower at 136.88 pence each.
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