1,142
properties
£6bn
value
£342m
rent roll
The largest component of our portfolio is primary care centres in the UK – GP surgeries and medical centres. Typically the first point of access for patients, these buildings act as central hubs for the communities they serve, and now house a growing range of health professionals and services to ease the pressure on hospitals.
1,059
assets
£4.9bn
value
£275m
rent roll
8.4
years WAULT
Eastergate Medical Centre, West Sussex
An in-house net zero carbon development completed in 2025, this neighbourhood health centre has allowed the GP practice to move from an outdated facility to a modern premises that can accommodate more patients as the local population grows.
As well as the GP practice, the building houses the local primary care network (“PCN”) to facilitate a greater range of services, as well as community groups and training for health professionals.
Like in the UK, Irish primary care facilities play a vital role in the local population’s access to healthcare services. However, with a more rural population, a greater range of services is usually provided, to avoid patients needing to travel long distances to hospital. This means primary care centres and enhanced primary care centres include technology for services such as X-rays, MRI scans and blood tests.
Irish facilities are typically let on long leases of more than 20 years to the Health Service Executive (“HSE”) (the Irish equivalent of the NHS) with rent reviews linked to Irish CPI.
28
assets
£0.4bn
value
£20m
rent roll
16.1
years WAULT
Westfield Integrated Care Centre, Ballincollig
This new build centre, which opened in 2024, aims to alleviate the pressure on nearby Cork University Hospital by providing quicker, joined-up healthcare delivery for chronically ill patients in a community setting.
Hosting departments including respiratory, cardiology, vascular and a memory clinic, as well as podiatry, dietetics and occupational therapy allows people to be treated closer to home – benefitting patients and the healthcare system. Westfield is a flagship example of Sláintecare-aligned community healthcare, allowing the HSE to report consistent progress in avoiding unnecessary hospital referrals.
Independent hospitals play a vital and growing role in the provision of health services in the UK. Whether specialising in diagnostic testing, investing in technological advancements such as robotic surgery, or focusing on procedures such as cataracts, orthopaedic surgery or oncology, each hospital meets the needs of the local population and health economy.
With growing demand across the three patient routes (private medical insurance, NHS referral and self-pay), most of the top operators are looking to add new hospitals or enhance existing buildings by adding new theatres or equipment, such as MRI scanners.
33
assets
£0.7bn
value
£44m
rent roll
22
years WAULT
GenesisCare Surrey
This state-of-the-art specialist outpatient cancer care facility in Guildford offers highly advanced oncology treatments to private patients and some NHS patients in partnership with the local hospital.
The latest treatment options include highly targeted radiotherapy using a Magnetic Resonance Image Linear Accelerator (“MR Linac”), and Theranostics, an innovative and personalised treatment that combines diagnostic imaging and radionuclide therapy to seek and destroy advanced cancers without damaging healthy tissue.
As essential social infrastructure, healthcare buildings are attractive to a wide range of investors.
PHP currently has three joint ventures, with the largest being the £250 million Health Properties LP with the Universities Superannuation Scheme (“USS”). This long term partnership supports investment into essential NHS community healthcare buildings, which help to address the current backlog of patients waiting for care.
22
assets
£0.1bn
value
£3m
rent roll
20
years WAULT
Portfolio at a glance
Our high quality portfolio is diversified by geography, tenant and asset type, providing resilience, predictable income and long term value for investors while supporting the delivery of essential healthcare.
3.2%
like-for-like rental growth
99%
occupancy rate
Analysis of leases unexpired - WAULT 10.8 years
Covenant analysis
Portfolio distribution by location
Frequently asked questions
The PHP Group is an experienced long term investor in the healthcare property sector, having first invested in 1995. The current portfolio of over 1,100 buildings is a combination of GP medical centres and neighbourhood health centres, Irish primary care centres, NHS treatment and diagnostic centres and private hospitals. Leases are typically more than 20 years at inception and the majority of the rent roll is government backed.
Before investing in or developing an asset, PHP's experienced team of health sector experts understands the health requirements of the local community, working with the NHS and local health bodies to ensure a building best meets those needs.
Once added to our portfolio, each building is assigned a dedicated property manager who builds a close relationship with the occupiers to identify opportunities to improve the building through asset enhancement projects or meet maintenance and repair obligations.
PHP invests in flexible, modern properties for the delivery of healthcare services to the communities they are located in.
Responsible business reflects PHP’s strong commitment to ESG matters and addresses the key areas of ESG that are embedded into our investment, development, asset and property management, and corporate activities. We are committed to acting responsibly, having a positive impact on our communities, improving our responsible business disclosures, mitigating sustainability risks and capturing environmental opportunities for the benefit of all our stakeholders.
PHP's portfolio of private hospitals is occupied by tier 1 independent operators such as Nuffield Health, Circle, Spire and Ramsay Healthcare.
We have close relationships with the occupiers to understand how the hospitals are performing, meeting regularly with the hospital directors to review financial performance and how local demand is creating opportunities to enhance or expand the building accordingly.
Business model and strategy
