Analyst Research Report Snapshot

Title:

PRIMARY HEALTH PROPERTIES - ACQUISITION OF £233M INVESTMENT PORTFOLIO

Price:

$10.00

Provider:

Edison Investment Research

Date:

19 Nov 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

PHP.L

Available for Immediate Download
Summary:

PHPplans to acquire 54 purpose-built medical centres valued at £233m, accelerating its strategic plans. The acquisition is via the£41.1mpurchase of Prime Public Partnerships Holdings (PPP), a private investor in healthcare facilities across the UK, for shares issued above PHP's EPRA NAV. The transaction is subject to shareholder approval but if completed will take PHP's investment portfolio close to £1bn. PHP indicates it will also slightly extend average lease term and immediately enhance expected dividend cover, with a further expected lift to FY14 profitability from the renegotiation of PPP debt. We will revise our estimates on completion.

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