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 £700 million. PHP expects to complete the transaction next month and receive net proceeds of about £500 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.

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