Increased target size of existing JV with USS

27 October 2026

Primary Health Properties PLC
(“PHP”, the “Group” or the “Company”)

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 –

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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.