Primary Health Properties to acquire Nexus Tradeco from Harry Hyman for £33.1m.

Primary Health Properties, a British-based real estate investment trust, to acquire Nexus Tradeco, an investment holding company, from Harry Hyman, a private investor, for £33.1m, comprised of £16.55m payable in cash and £16.55m. This will be met by issuing 11,485,080 new ordinary shares priced at 12.5 pence each in the share capital of PHP at a price of 144.1 pence per share. The acquisition will secure a structure more appropriate to a UK-REIT of the scale of PHP which will broaden interest in the investment community, reduce costs and improve shareholder returns. Also, it will help to enhance management succession for the group for the longer-term.