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LONDON (Alliance News) - Primary Health Properties PLC on Wednesday said it exceeded its initial fundraising target of GBP120 million with its share placing, open offer, and offer for subscription, raising GBP150 million.
The real estate investment trust, which invests in UK health properties leased to general practitioners and National Health Service organisations, raised GBP60 million under a firm placing, by selling 60 million shares. Another GBP30.3 million was raised through the open offer, under which 30.3 million shares were taken up. A placing of 44.3 million shares raised GBP44.3 million, while 15.4 million shares sold under the offer for subscription raised GBP15.4 million.
The shares were sold at 100p each. Shareholders are due to vote on the fundraising at 1000 GMT in London. Shares in Primary Health Properties were up 1.2% at 102.94p on Wednesday morning.
Managing Director Harry Hyman said the fundraising won support from both institutional and retail investors.
"The capital raising, which has been significantly oversubscribed, has attracted a number of high quality new investors and been well supported by existing shareholders with a 69% take up under the open offer, including excess applications. Following shareholder approval of the capital raising, the proceeds will be used to grow our portfolio in both the UK and Ireland, where we currently have an attractive pipeline of opportunities," Hyman said in a statement.
"This will see PHP continue to provide new premises to support the modernisation of NHS primary care services in the UK and state-funded healthcare services in Ireland. The fundamentals of the sector provide confidence that the assets in which we invest will continue to provide strong, reliable and growing long term returns," Hyman said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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