First UK REIT launches retail bond

Primary Health Properties (PHP) has become the first UK Real Estate Investment Trust (REIT) to launch a retail bond.

The bonds will pay a fixed rate of interest of 5.375% twice yearly in January and July with the last payment due on 23 July 2019 and the first on 31 January 2013. Investors can buy the bonds through stockbrokers or wealth managers in a minimum initial subscription amount of £2,000 and in multiples of £100 thereafter. The offer period will close on 16 July. Primary Health Properties is one of the largest providers of modern primary healthcare facilities in the UK, owning over 160 facilities. Harry Hyman, managing director of PHP, said: "We are delighted to be the first UK REIT to is...