International News

UK-based REIT, Primary Health Properties, announces secondary listing on the JSE

Harry Hyman, founder and CEO of Primary Health Properties.

Primary Health Properties, a UK-based REIT, has been granted approval for its secondary listing (‘PHP’) of all its issued shares (1,336,493,786) with a nominal value of 12.5 pence each on the Main Board of the JSE in the ‘Healthcare REIT’s sector with effect from the 24th of October 2023.

The company will remain listed on the premium segment of the Official List on the London Stock Exchange’s (LSE) Main Market.

PHP invests in healthcare real estate let on long-term leases, funded mostly by government bodies in the UK and Ireland. Its portfolio, which was valued at £2.783bn close of June 2023, comprises 514 properties let to National Health Service (NHS), the Health Service Executive in Ireland, GP surgeries, pharmacies, dentists etc.

Its balance sheet and financing position remains strong with cash and committed undrawn loan facilities totalling £314.4 million (31 December 2022: £325.9 million) after contracted capital commitments. 97% of PHP’s net debt is fixed or hedged for a weighted average period of just under seven years.

The company’s shares were admitted to trading on the LSE in early November 1998 and as of its JSE pre-listing announcement, its current market capitalisation is approximately £1.22 billion.

PHP recently announced the appointment of Mark Davies as its new CEO with effect from the conclusion of company’s AGM in late April 2024. He will take the reigns from founder and current CEO, Harry Hyman.

PSG Capital Proprietary Limited have been appointed as Corporate Advisor and Sponsor on the JSE.