Primary Health raises £16.1m for expansion

12th Apr 2011 13:51

Healthcare property investor Primary Health Properties has raised £16.1m to expand its property portfolio.It has issued nearly 5.3m shares at 50p a time. "The company intends to use the proceeds of the placing to finance selected investment opportunities and expand its property portfolio," it said. "The company will persist with its strict policy of maintaining appropriate headroom on its covenants. In the short term, the proceeds will be used to reduce the company's borrowings and provide the Company with further working capital and overall financing flexibility. "Primary Health managing director Harry Hyman said the capital raising will give the company the opportunity to take advantage of current investment opportunities that current market opportunities present.