Primary Health buys Health Investments for £11.7m

23rd Jun 2010 08:18

Healthcare property investor Primary Health Properties said it has agreed to buy Health Investments, a primary care and pharmacy property firm, for around £11.7m.PHP said it would pay around £2.9m of the total payment in 1,005,153 new shares of 50p each at 290p a share, with the remainder to be paid in cash. Primary Health said it will also assume Health Investments' debt of around £28.1m. Health Investments owns 14 primary care properties, which have a value of £39m and a current annual rent roll of £2.4m.The deal is expected to increase Primary Health's total portfolio size by over 10%.