Primary Health Properties is planning to raise £75m for new healthcare developments in the UK and Ireland, with “the ability to upscale up to £100m” subject to demand.
The listed company aims to place shares through a bookbuild to raise proceeds of £75m. The cash will be used to finance PHP’s pending investments.
PHP has agreed terms to fund the development and acquisition of eight medical centres, which comprise a total capital commitment of around £60m. Terms have been agreed on another four in Ireland, involving another £50m of investment.
The REIT expects to finalise funding agreements for a further four developments in the UK “in the coming weeks”, at an estimated capital cost of £20m.
The bookbuild will be run by Peel Hunt and Numis.
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