Private equity giants KKR and Stonepeak have agreed a £1.61bn ($2.06bn) deal to acquire Assura, a UK-listed real estate investment trust specialising in primary healthcare properties, according to a report by Reuters.
The deal follows a previously rejected £1.5bn cash-and-stock bid for Assura from sector rival Primary Health Properties (PHP), which the Assura board dismissed as undervaluing the business. The KKR-Stonepeak offer — now accepted — represents a 33.5% premium to Assura’s share price on 13 February, the day before the consortium’s initial approach was made public.
Under the terms of the offer, Assura shareholders will receive 48.56 pence per share in cash, in addition to an interim dividend of 0.84 pence per share, taking the total value per share to 49.4 pence.
This marks the fifth bid made by the KKR-Stonepeak consortium, reflecting persistent interest from the private equity backers in capitalising on resilient demand for healthcare infrastructure across the UK. The take-private comes amid a broader uptick in private capital targeting listed UK real estate vehicles, many of which are trading at discounts to NAV in a higher interest rate environment.
Assura owns a portfolio of more than 600 healthcare buildings primarily focused on GP surgeries and primary care centres.
The transaction remains subject to shareholder and regulatory approvals.
