Credit crunch hits PHP as property values tumble

Primary Health Properties, the real estate investment trust (REIT) that invests in UK primary healthcare, has reported income of £19.6m for the year ended 31 December 2008 compared to £22.2m for the previous 18 months. The prior 18-month reporting period makes like-for-like comparisons difficult, but the company increased its portfolio from 107 to 113 properties…