12th May 2021 11:20
(Alliance News) - Primary Health Properties PLC on Wednesday hailed its rent collection levels but noted that the Covid-19 pandemic has made it difficult to get some acquisitions over the line.
By April 30, it had collected 99% of its rent for the second quarter. Collection levels have been "robust", the London-based primary health facilities investor said.
The company added: "The first quarter of 2021 has been characterised by a lack of suitable product, strong pricing and a very competitive market which has resulted in the acquisition of just one standing investment Shankhill Primary Care Centre, Ireland for EUR3.8 million in March 2021."
The company has continued to build it acquisition pipeline, which now totals GBP230 million, GBP63 million of which is in due diligence.
"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 said.
Developments in Llanbradach, Epsom and Eastbourne are still penned to reach practical completion in the second quarter.
Shares in the company were 1.5% higher at 149.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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