Harry Hyman’s Primary Health Properties is issuing bonds to private investors to raise up to £75m.
The primary healthcare REIT is issuing the bonds, which will pay a fixed rate of interest of 5.4% in January and July, with the last payment due on 23 July 2019.
The bonds can be bought and sold by investors through stockbrokers or wealth managers in a minimum initial subscription amount of £2,000. They will be listed on the London Stock Exchange and can be bought and sold on the open market.
PHP managing director Hyman said: “PHP is seeking access to a wide variety of sources of capital to expand its portfolio whilst diversifying its funding sources.
“We believe that a retail bond offers a good opportunity to achieve this and enables fixed income investors, a new class of investor to the company, to benefit from PHP’s consistent income streams, which provide stable returns.”
He added: “We are delighted to be the first UK REIT to issue a retail bond.”
Independent Debt Capital Markets will act as the lead manager of the transaction. The authorised distributors are Barclays Stockbrokers, Killik & Co, Mirabaud Securities, Peel Hunt, Redmayne-Bentley, Selftrade and Winterflood Securities.
bridget.o’connell@estatesgazette.com
