London-listed Primary Health Properties (PHP) has lobbied a sweetened offer for FTSE 250 healthcare REIT Assura, valuing the target at circa £1.68bn and eclipsing the agreed KKR/Stonepeak all-cash proposal, according to a report by Bloomberg.
The new bid — 0.3769 new PHP shares plus 12.5p in cash per Assura share — equates to 51.7p, a 4.7 per cent premium on the 49.4p recommended cash bid from the private equity firms.
PHP is pitching its mix of paper and cash as a “retain-and-ride” alternative, giving Assura investors ongoing exposure to primary-care real estate as the rate cycle turns.
Chairman Harry Hyman flagged an “inflection point” for the asset class, citing accelerating rent reviews and easing funding costs. He also underlined the sector’s consolidation drumbeat, where scale and cost of capital are decisive.
Assura shares gained as much as 3.56% on the news. The board said it is evaluating PHP’s terms and will update shareholders in due course.
