The Board of PHP, the UK's leading investor in modern primary healthcare facilities, announced that PHP has agreed to acquire Prime Public Partnerships (Holdings) Limited ("PPP"), an investor in 54 healthcare facilities across the UK, for an estimated consideration of £41.1 million (approx. €49.14 million) (subject to adjustment).
Harry Hyman, Managing Director of PHP, said:
"The proposed acquisition of the PPP property portfolio represents a significant development for PHP. Portfolios of this scale and quality are rarely available and the Board are delighted that PHP has been able to secure the agreement. Following completion of the acquisition our strategic position as the market leader in UK primary care assets will be enhanced and, critically, the Group's progression to full dividend cover is likely to be significantly accelerated as a result of the PPP rental income and the potential refinancing opportunity of the PPP borrowings."
Richard Laing, Chief Executive Officer of Prime, said:
"We are delighted to support the ongoing expansion and success of PHP and expect this to be the start of a valuable partnership between the two leading players in the sector. Prime's continued role as an expert primary care developer can play an important role in the future success in PHP and we are looking forward to working closely with its management team to maximize the opportunities available to both parties."
The acquisition is subject to PHP shareholder approval.
Source: Primary Health Properties