Primary Health Properties Forms Hospital Venture With GIC

Primary Health Properties formed a 50/50 strategic joint venture with Singaporean institutional investor GIC to invest in private hospital infrastructure in the United Kingdom. The venture is seeded with a portfolio of 27 private hospitals valued at £700 million, which the company sold to GIC at a 5% discount to its late-2025 book value.

Primary Health Properties will act as the property and asset manager for the joint venture. Upon the deal's expected closing next month, the company anticipates receiving approximately £500 million in immediate cash proceeds, following retained equity and £47.5 million in deferred consideration. The company plans to use these funds to settle a £266 million term loan and an acquisition bridging facility, lowering its net debt to approximately £2.9 billion.

This financial restructuring follows the £1.79 billion acquisition of Assura in August 2025, which helped increase the company's total portfolio value to £6 billion. Chief Executive Mark Davies described the venture as a way to capitalize on structural growth opportunities in the private healthcare market.