Healthcare landlord in £41.1m acquisition

PRIMARY Health Partnerships, which owns 17 healthcare sites in the North West, is acquiring another operator in a £41.1m deal.

It is buying Worcester-based Prime Public Partnerships (PPP) which runs 54 healthcare facilities across the UK with an aggregate value of £233m.
 
A breakdown of the location of its various assets was not available at the time of publication.
 
PHP, is set up as a real estate investment trust (REIT) vehicle. Its acquisition of PPP is subject to shareholder approval.
 
PHP said the acquisition is a key part of the strategy to grow the group through investment in high quality primary care facilities in the UK
 
The completed deal would give it a combined portfolio valuation of £880m, excluding PHP acquisitions and forward commitments since June 30.
 
PHP said it expected the acquisition to be earnings enhancing in the first full year following acquisition, with the opportunity to increase this further through asset management and debt refinancing opportunities.