PHP and MedicX Fund completed an all-share recommended merger on 14 March 2019. The latter is also a UK REIT, investing in assets similar to PHP, focused entirely on UK and Republic of Ireland (RoI) primary medical assets. These are localised hubs providing community-based GP surgeries and other closely related medical services. To date, PHP has expanded its presence strongly in this very specialist asset category. The complementary merger adds to capabilities for sourcing investments and enhances cost (fee- and finance-related) synergies, initially by a stated £4.0m p.a. 91% of PHP income is backed by the UK or RoI government. Occupancy consistently exceeds 99%.