UK health investor PHP raises £115m for future acquisitions

Primary Health Properties (PHP), the UK property fund which owns three large medical campuses in Ireland, has successfully raised £115 million (€133 million) for future acquisitions in the UK and Ireland.

The latest fundraise brings the group’s market capitalisation to over £800 million with a current portfolio value of £1. 4 billion, comprising 307 healthcare centres.

This is expected to take the the company into the FTSE250 at the next review.

PHP recently completed its third Irish acquisition, purchasing the Mallow Primary Healthcare Centre in Co Cork for €20 million.

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Managing director Harry Hyman said the group's fundraise attracted a diversified range of investors and was well received by existing shareholders with 82 per cent take up under the open offer.

"This demonstrates that investors firmly believe in the need to deliver an increased number of next-generation health services to local communities in the UK and Republic of Ireland, supporting the modernisation of primary care services and alleviating the growing pressure on the NHS and state-funded healthcare services in Ireland," he said.