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Increased target size of existing primary care JV with USS
Primary Health Properties PLC
(Incorporated in the United Kingdom)
Company Number: 3033634
LSE Share Code: PHP
JSE Share Code: PHP
ISIN Code: GB00BYRJ5J14
LEI: 213800Y5CJHXOATK7X11
(“PHP” or the “Company”)
27 October 2026
Increased target size of existing primary care JV with USS
Primary Health Properties PLC, a leading investor in critical healthcare infrastructure in the UK and Ireland, and
Universities Superannuation Scheme (USS) are pleased to announce an increase in the target size of their
existing joint venture (“JV”) to £400 million (from £250 million). Subject to additional approval, the investment
has the potential to grow to £800 million over time. The JV has also exchanged contracts on the transfer of
c.£67 million of assets into the vehicle, with a further identified pipeline of assets expected to follow.
The 20:80 JV will continue to support investment into essential NHS community healthcare buildings, aiming to
address the current backlog of patients awaiting care. Reflecting the UK’s ageing population and a growing number
of people living with chronic conditions, the provision of modern, flexible healthcare assets remains central to the
NHS’s priority of delivering care closer to patients.
The JV focuses exclusively on assets let directly to NHS or GP tenants with rents linked to inflation or with fixed
uplifts.
Mark Davies, CEO of PHP, commented:
“We are delighted to be extending our successful joint venture with USS, which will enable significant further
investment into critical healthcare infrastructure in the UK.
“With a portfolio approaching £300 million, the JV will focus on funding new Neighbourhood Health Centres and other
healthcare assets let to the NHS that help deliver the NHS 10-year plan. Future growth in the JV will come from further
transfers of existing assets and new investment opportunities, including risk-controlled developments.
“We value the partnership that we have with USS, who are expressing their confidence in primary care by committing
additional equity to the joint venture.”
Alex Turner, Head of Property at USS Investment Management, stated:
“We are happy to announce the expansion of our established joint venture with PHP”.
“As the UK’s demographics evolve, we continue to believe in the robustness of the healthcare sector, and we’re
delighted to invest further into primary care.”
Transfer of assets
PHP has exchanged contracts on the disposal of nine primary care assets to the existing primary care joint venture
with USS for a gross consideration of £67 million, in line with book value. PHP holds a 20% equity interest in the joint
venture, and the net proceeds will be used to reduce net debt. Following the transfer, the joint venture will have assets
in excess of £250 million, exceeding the original target.
The enlarged joint venture gives PHP access to an alternative source of capital alongside a highly credible long-term
partner. USS has indicated its intention to grow the joint venture, sharing PHP’s belief in the long-term opportunity in
primary care real estate, including the development of Neighbourhood Health Centres.
Credit rating reaffirmed and outlook improved
PHP is also pleased to note that Fitch Ratings has reaffirmed the credit rating of Assura Limited as BBB+ with a
revised outlook of Stable (previously Negative), following the progress made on private hospital and primary care joint
ventures.
The strength of the PHP platform is endorsed by the quality of its JV partnerships.
– ENDS –
For further information contact:
Mark Davies Richard Howell
CEO CFO
Primary Health Properties PLC Primary Health Properties PLC
David Purcell Sodali & Co
Investor Relations Financial PR
Primary Health Properties PLC Elly Williamson/Madeleine Gordon-Foxwell
T: +44 (0) 7921 190 136 T: +44 (0) 207 250 1446
E: david.purcell@phpgroup.co.uk E: PHP@client.sodali.com
Notes to editors
PHP is a leading investor in modern healthcare infrastructure, with a £6 billion portfolio of critical social assets across
the UK and Ireland. The portfolio benefits from highly resilient operating metrics in a sector with strong demographic
fundamentals, supported by a positive political backdrop and the need for greater investment in healthcare
infrastructure to deliver services in local communities.
In 2025, PHP combined with Assura to create the UK’s largest listed healthcare REIT, placing the enlarged Group in
the top quartile of the FTSE 250 index, with significantly increased share liquidity, broader investor reach and a lower
cost of capital. PHP’s high-quality portfolio, strong platform, robust balance sheet and disciplined focus on rental
growth and cost control underpin its 30-year track record of dividend growth.
About USS
Universities Superannuation Scheme (USS) was established in 1974 as the principal pension scheme for universities
and higher education institutions in the UK. It works with around 320 employers to help build a secure financial future
for almost 599,000 members and their families. It is one of the largest pension schemes in the UK, with total assets
of around £84bn (at 31 March 2026). USS Investment Management (USSIM) is the principal investment manager
and adviser to USS.
The Company has a primary listing on the London Stock Exchange and a secondary listing on the JSE Limited.
United Kingdom
Sponsor: PSG Capital
Date: 27/10/2026 09:00:00
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