PHP Primary Health Properties Plc

 

TIDMPHP 
 
RNS Number : 0872O 
Primary Health Properties PLC 
23 June 2010 
 

 
              Primary Health Properties PLC ("PHP" or the "Group") 
 
                      Acquisition of Health Investments Ltd 
 
 
 
Primary Health Properties PLC, one of the UK's largest providers of modern, 
purpose built primary healthcare facilities, announces that it has 
unconditionally agreed to acquire the entire issued share capital of Health 
Investments Ltd ("HI"), a provider of primary care and pharmacy properties with 
a UK wide portfolio. 
 
The consideration payable of approximately GBP11.7 million is to be satisfied by 
the issue to the vendors of HI of 1,005,153 new Ordinary shares of 50p each in 
the capital of PHP (representing 25 per cent of the consideration) at a value of 
290p per share amounting to approximately GBP2.9 million with the remainder of 
approximately GBP8.8 million being paid in cash.  The Consideration Shares will 
be subject to a six month lock-in and subsequent 12 month orderly market 
agreement. 
 
Application is being made to the UK Listing Authority for admission of the 
Consideration Shares to the Official List and to trading on the London Stock 
Exchange. It is expected that admission will become effective and dealings in 
such shares will commence on or after 25 June 2010. 
 
Following admission of the Consideration Shares, the total number of ordinary 
shares in the capital of PHP with voting rights in issue will be 62,571,174. 
 
In addition to the consideration payable, HI has approximately GBP28.1 million 
of debt which, net of a mark-to-market adjustment of GBP0.9 million, has been 
assumed by PHP as part of the acquisition. The assumed debt has a weighted life 
of approximately 19 years. The HI debt assumed will be incremental to the 
Group's existing debt facilities. The combined enterprise value of the assets 
being purchased, including the Consideration Shares, cash paid and assumed debt 
is GBP39 million. 
 
HI owns 14 primary care properties which have an appraised valuation of GBP39 
million. The current rent roll equates to GBP2.4 million, reflecting a net 
initial yield of 6.1 per cent. The portfolio is of a high quality and is 100 per 
cent. let to General Practitioners, Primary Care Trusts, NHS bodies and pharmacy 
operators with the weighted average lease length being in excess of 19 years. 
 
Rental income is derived 91% from the NHS with the remainder from strong 
covenant pharmacy operators. The properties are located primarily in the south 
east of England. 
 
PHP believes that the acquisition is significant in that it adds a high quality 
well-let portfolio to its existing asset base and reflects the fact that the 
Group is able to acquire premium assets at favourable valuations in the current 
economic climate. 
 
Harry Hyman, Managing Director of PHP, said: 
 
"This is an important acquisition for PHP which adds significant assets to 
complement our existing properties and increases our total portfolio size by 
more than ten per cent. The properties boost our portfolio in gross asset terms 
and further demonstrates our commitment to the strategy of enlarging our asset 
base rapidly through a series of targeted acquisitions." 
 
More information on Primary Health Properties PLC can be found on 
www.phpgroup.co.uk 
 
 
Further details: 
 
+----------------------------------+----------------------------------+ 
| Harry Hyman                      | Mobile: 07973 344768             | 
| Managing Director                |                                  | 
| Primary Health Properties PLC    |                                  | 
|                                  |                                  | 
+----------------------------------+----------------------------------+ 
| Tim Walker-Arnott                | Tel: 01483 749020                | 
| Director                         | Mobile: 07850 797481             | 
| Nexus Property Management        |                                  | 
| Services Ltd                     |                                  | 
|                                  |                                  | 
+----------------------------------+----------------------------------+ 
| David Rydell / Victoria          | Tel: 020 7861 3232               | 
| Geoghegan                        |                                  | 
| Pelham Bell Pottinger            |                                  | 
|                                  |                                  | 
+----------------------------------+----------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 ACQUORVRRRANURR 
 

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