Primary Health Props to buy Prime Public Partnerships

15th Nov 2013 11:02

Primary Health Properties (PHP) has agreed to buy Prime Public Partnerships (PPP), which holds investments in 54 UK healthcare facilities, for 41.1m pounds.The consideration will be paid via the issue of shares at 320p each. PHP said the acquisition is a "key part of the strategy to grow the group through investment in high quality primary care facilities in the UK".PPP's portfolio is valued at £880m and is expected to be earnings enhancing for the first full year. "The proposed acquisition of the PPP property portfolio represents a significant development for PHP," said PHP's Managing Director Harry Hyman."Portfolios of this scale and quality are rarely available and the Board are delighted that PHP has been able to secure the agreement."Shares rose 2.93% to 333.50p at 11:17 on Friday.RD