Primary Health Properties (PHP) and Universities Superannuation Scheme (USS) have increased the target size of their existing joint venture to £400 million ($533 million) from £250 million ($333 million). Subject to additional approvals, the joint venture could grow to £800 million ($1.1 billion). PHP has exchanged contracts to transfer approximately £67 million ($89 million) in assets into the vehicle, with additional investments planned.
The 20:80 joint venture will invest in National Health Service (NHS) community healthcare buildings. The partners cited the United Kingdom’s aging population and growing demand for care closer to patients as factors supporting investment.
The joint venture focuses on properties leased directly to NHS or general practitioner tenants, with inflation-linked rents or fixed increases.
Mark Davies, CEO of PHP, said, “We are delighted to be extending our successful joint venture with USS, which will enable significant further
