Primary Health Properties (PHP) has entered into a conditional agreement to establish a 50-50 joint venture with Singapore sovereign wealth fund GIC to invest in private hospital infrastructure in the United Kingdom.
The joint venture will initially include 27 private hospitals from PHP’s existing portfolio, valued at approximately £700 million ($938 million). The properties have a weighted average remaining lease term of 22 years and are supported by long-term, index-linked leases.
PHP will retain a 50 percent ownership interest in the venture and serve as its property and asset manager. The portfolio will be transferred at a 5 percent discount to its Dec. 31, 2025, book value.
The transaction is expected to generate approximately £500 million ($670 million) in net proceeds for PHP, which will be used to reduce debt following its acquisition of Assura in 2025. The proceeds will allow the company to repay its remaining acquisition bridge financing and a £26
