IN BRIEF: Primary Health Properties ups size of joint venture with USS
Primary Health Properties PLC - London-based healthcare facility investor - Increases the target size of its existing joint venture with Universities Superannuation Scheme Ltd to £400 million from £250 million. Subject to additional approval, the investment has the potential to grow to £800 million over time, PHP says. The venture has also exchanged contracts to transfer £67 million of assets into the vehicle, with a further pipeline of assets expected to follow. The 20:80 joint venture will continue to support investment into essential National Health Service community healthcare buildings, it says. PHP unit Assura PLC established a £250 million joint venture with USS in May last year.
"We are delighted to be extending our successful joint venture with USS, which will enable significant further investment into critical healthcare infrastructure in the UK," PHP Chief Executive Officer Mark Davies says.
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