AH Medical Properties (AHMP) has joined PLUS, issuing some 30 million shares at 42p each to raise £12.6 million. On admission, the property investor was valued at £10.81 million.

AH Medical Properties (AHMP) has joined PLUS, issuing some 30 million shares at 42p each to raise £12.6 million. On admission, the property investor was valued at £10.81 million.

The company is also acquiring property building firm Ashley House Investments for £7 million in cash and shares, increasing its portfolio by 10 properties to an estimated value of £97 million.

Buckinghamshire-based AHMP was founded in 2004 and focuses on medical sites for primary care. It owns a portfolio of medical centres, surgeries and pharmacies chiefly let to doctors and primary care trusts.

Formerly Ashley House Properties, the company’s assets are managed by parent company Ashley House (AH), which joined AIM on 15 January 2007. AH subscribed to some 7.4 per cent of AHMP’s share capital on admission, worth £1.85 million.

AHMP generated a £1.4 million turnover and a profit after tax of £206,000 for year-end April 2006, compared with a £5,000 turnover and a loss after tax of £70,000 for the year to April 2005.

Its market makers are Winterflood Securities, Hoodless Brennan and Numis Securities. Corporate adviser to AHMP was Ludgate Investments.