UK’s Primary Health Properties PLC Lists On The JSE
UK’s Primary Health Properties PLC Lists On The JSE. Primary Health Properties PLC, one of the UK’s leading investors in modern primary healthcare facilities, is pleased, following the announcement on 6 September 2023, to confirm the release of a pre-listing announcement relating to a secondary inward listing on the Main Board of the Johannesburg Stock Exchange (“JSE”). The listing of PHP on the JSE became effective on the 24th of October 2023.
The company will not place or issue any new PHP shares in connection with its application for a secondary listing on the JSE and will remain listed on the premium segment of the Official List in London. PSG Capital Proprietary Limited have been appointed as Corporate Advisor and Sponsor on the JSE.
Harry Hyman, Chief Executive Officer of Primary Health Properties, commented: “We are delighted that PHP’s shares have started trading on the South African JSE today and are pleased by the positive reception from the investors we have met so far. This is a significant milestone that demonstrates the international attraction of PHP’s equity story as we grow and become a global healthcare investment opportunity. The resulting impact on Group’s liquidity will benefit all of our stakeholders as we continue to deliver sustainable long term income growth.”
PHP believes that admission to trading on the JSE will be beneficial to the company and its stakeholders. The Board of PHP believes that the secondary listing can be expected to contribute to liquidity in the Group’s shares through its increased profile in the South African market, where a number of investors have already shown strong interest in investing in PHP, driven by its high-quality, government-backed income stream and robust operating model.
Primary Health Properties is a leading investor in modern primary healthcare properties across the UK and Ireland. Since listing on the London Stock Exchange in 1998, it has created progressive returns for shareholders through a combination of rental growth and capital appreciation, generating 27 years of consecutive dividend growth.
The Group owns and manages a £2.8 billion portfolio of healthcare assets that generate strong, high quality rent roll of just under £150 million. Its internal management team delivers sector leading financial management, with the lowest peer cost ratios. In particular, PHP is positioned for growth in the emerging Irish market following its 2023 acquisition of Axis Technical Services, the Irish property management business.
