Primary Health in good shape

Primary Health Properties, the healthcare property investment trust, yesterday reported a 1.2 per cent fall in net asset value to 314.9p a share in the first half of the year after raising £19m of equity at a four per cent discount to net asset value (NAV) in May. The group said rental income in the six months to the end of June came in at £16.21m, an increase of 6.3 per cent on the previous year, while operating profit rose 6.5 per cent to £13.4m. The group’s chairman, Graeme Elliot said that the Health and Social Care Act passed by parliament earlier this year, may create more chances for PHP to invest in health care facilities to meet demand. The owner of more than 150 UK medical centres also recently raised £75m in its debut retail bond offering, paving the way for more acquisitions.