PHP snaps up St Johns and continues to hunt for acquisitions
HEALTHCARE facilities group Primary Health Properties (PHP) is still on the search for suitable assets in the West Midlands having bought the St Johns medical facility in Worcester for £4.5m.
The deal is expected to complete in November.
PHP, set up as a REIT investment vehicle, already owns 17 facilities in the region.
In December it acquired Apollo Medical Partners Limited, comprising a portfolio of 14 assets valued at £62.3m.
As well as St Johns and another new deal, the firm said an additional £82m worth of transactions are in solicitors’ hands.
The firm has been hungry for acquisitions since it completed a successful refinancing of the business late last year.
A retail bond issue raised £75m in unsecured finance at a rate of 5.375% for a seven- year term.
