Primary Health Properties has exchanged contracts to sell a portfolio of 13 medical centres for £27.7m.
The sale price for the centres, located across England and Wales, is 13% above December’s book value, representing around 60bps of yield compression.
PHP chose to sell the properties as they are significantly smaller than its average lot size.
Following the sale, PHP’s portfolio will comprise 511 assets, 20 of which are in Ireland, with a contracted rent roll of just under £143m.
Chief executive Harry Hyman said: “The disposal will allow us to deploy the proceeds into our strong pipeline across the UK and Ireland which we believe will deliver stronger returns.”
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