PHP begins to splash its fresh cash

Primary Health Properties has acquired two existing medical centres for a total of 9.0m pounds. The small cap healthcare property investor added a fully let medical centre in Bromley-by-Bow, East London, and the other in Cardiff in South Wales, which is also fully let.The company raised £68.5m cash in a placing and offer in May to begin buying the properties in its pipeline. Managing Director Harry Hyman said: "Following the recent success of our capital raise, we are delighted to start the delivery of our pipeline, acquiring quality primary care assets with long term income streams."The Bromley centre, which was constructed in 2010, is fully let to NHS Property Services Limited providing a GP surgery and walk in centre and has a remaining lease term of over 21 years.The Cardiff centre is fully let to a GP practice, the local Health Board and Lloyds Pharmacy, and has an unexpired lease term of over 23 years. Hyman added: "These assets generate healthy income surpluses that increase the company's profitability and contribute to achieving our highest priority of re-gaining full dividend cover." The company included a comment from Steve Sprigens, director of Barclays Real Estate, said the bank was continuing to support the group with its future acquisitions. Shares in Primary Health Properties were down 0.2% at 321.75p at 12:30 on Thursday.OH