PHP Forms GIC Venture to Cut Debt
Primary Health Properties will receive 500 million pounds from a joint venture with Singapore sovereign wealth fund GIC. The deal involves 27 private hospitals and will help the British REIT reduce its net debt.
Primary Health Properties entered a joint venture with Singapore sovereign wealth fund GIC on Monday morning, raising £500M to pay down debt. The deal follows June talks exploring ways to unlock value from the firm's private hospital portfolio. The move cuts the United Kingdom healthcare REIT's net debt to £2.9B from £3.4B.
