IN BRIEF: Primary Health Properties enters GBP700 million JV with GIC
Primary Health Properties PLC - London-based healthcare facility investor - Enters into a conditional agreement to form a 50-50 strategic joint venture with Singapore sovereign wealth fund GIC Pte Ltd to invest in private hospital infrastructure. The joint venture will be seeded with 27 private hospitals from PHP's existing portfolio, valued at about GBP700 million. PHP expects to complete the transaction next month and receive net proceeds of about GBP500 million, which will be used to repay variable rate debt facilities. Notes that completion of the venture is conditional on the finalisation of a new secured club debt facility, where all key terms have been agreed with lenders and documentation is ongoing. All property and commercial due diligence has been completed, it says.
Stock price in London: 90.70 pence
12-month change: down 1.5%
Stock price in Johannesburg: ZAR19.76
12-month change: down 8.1%
By Artwell Dlamini, Alliance News senior reporter South Africa
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