UK REIT Primary Health Properties (PHP) has announced plans to raise up to £120 mln (€152 mln) via the issue of 120 million new shares at a price of 100p a share.
UK REIT Primary Health Properties (PHP) has announced plans to raise up to £120 mln (€152 mln) via the issue of 120 million new shares at a price of 100p a share.
The issue price represents a discount of 9.5% to the closing price of 110.50 pence per PHP ordinary share on the day before the announcement.
PHP said it may increase the size of the offering by up to 25% to £150 mln should there be sufficient demand.
The proceeds from the capital raising will be used to finance the growth the portfolio in the UK as well as fund the company's plans to enter the Irish healthcare real estate market, the company said in a statement.
'The challenges facing this country's healthcare provision are similar to those of the UK with a growing, ageing population and increasing rates of chronic illness. PHP is working with selected experienced developers of real estate in the Republic of Ireland to acquire existing modern assets and fund the development of new premises,' PHP said.