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Primary Health Properties (PHP) has agreed the acquisition of a large and modern primary care facility in the Republic of Ireland (RoI), its third to date, at a cost of €20m. Yields in the RoI remain noticeably ahead of those currently available in the UK despite some signs of competition. Acquisitions of c £70m since end-H1, and a current contracted rent roll of just over £73m, are in line with our forecasts for the year and sufficient to trigger investment adviser performance fees, now included in reported, but not underlying, earnings forecasts. Acquisitions, rent increases, and long and largely government-backed leases underpin PHP’s attractive, growing and fully covered dividend, which we expect to continue its 20-year growth trend.

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