Primary Health Properties Plc · LSE:PHP
Primary Health Properties — Merger or Acquisition (November 2013)
9 slides from Primary Health Properties's merger presentation, November 2013
Slide 1: Acquisition of PPP
Acquisition of PPP Landlord to the NHS November 2013 Primary Health Properties PLC A dedicated healthcare REIT
Slide 2: Disclaimer – Important Notice
Portfolio acquisition | 1 Disclaimer – Important Notice This document has been prepared by and is the sole responsibility of the directors (the "Directors") of Primary Health Properties Plc (the “Company"), and has been prepared solely in connection with a presentation to be held in connection with
Slide 3: Transaction highlights
Portfolio acquisition | 2 Transaction highlights Scarcity of portfolios available of this size and quality Portfolio of 54 purpose built medical centres spread across the UK A high quality An aggregate valuation of £233m, representing an average lot size of £4.3m portfolio... Passing rent of
Slide 4: Key transaction terms
Portfolio acquisition | 3 Key transaction terms ˃ PHP plc to acquire 100% of Prime Public Partnerships (Holdings) Limited (“PPP”) for c.£41.1m1 ˃ The acquisition price is based on the following: − Property portfolio valued at £233.0m − PHP will assume £178.4m of PPP debt − PHP benefits from a mark-t
Slide 5: PPP portfolio analysis
Portfolio acquisition | 4 PPP portfolio analysis 8.0 31 7.0 54 Asset Rent Roll £m 6.0 = Number of assets 5.0 ˃ Strong presence in the North and Scotland 4.0 11 diversifies PHP portfolio further 3.0 6 ˃ Average lot size in portfolio of £4.3m 2.0 3 1.0 1 2 - North Midlands South East South West Wales
Slide 6: PPP locations
Portfolio acquisition | 5 PPP locations PPP – 54 assets PHP – 186 assets1 Investment Properties Investment Properties Properties in the process of development 7 12 10 14 (1) As at 30 June 2013, 17 further assets acquired in period up to 4 November 2013
Slide 7: PPP financials
Portfolio acquisition | 6 PPP financials Summary historic financials Assumed debt facility details Profit & Loss, £’000 31 Dec 2012 Rental and related income 13,867 ˃ PHP will assume £178.4m of PPP Direct property expenses (14) Administrative expenses (1,132) borrowings secured against specific PPP
Slide 8: Combined portfolio
Portfolio acquisition | 7 Combined portfolio The following chart illustrates the scale of the enlarged group portfolio if PHP acquisitions since 30 June 2013 are incorporated: 1,000 54 257 900 800 233.0 17 Portfolio valuation £m 700 186 48.7 600 500 942.3 400 660.6 300 257 = Number of properties 200
Slide 9: Summary of enlarged Group portfolio
Portfolio acquisition | 8 Summary of enlarged Group portfolio PHP PPP (Rent roll, £m) North North Location 3.4 9.6 Midlands 3.3 Midlands 5.2 1.4 South East 0.3 South East South West 0.2 7.2 South West 11.4 8.7 0.8 Wales 2.4 Wales Scotland Scotland PHP PPP 0.8 0.0 (Rent roll, £m) < 5 years < 5 years
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