CMS advises Primary Health Properties on recommended £1.79bn competitive offer for Assura and £1.225bn facilities agreement
CMS is advising long-standing client, Primary Health Properties PLC (PHP) on its £1.79bn recommended shares and cash offer for Assura plc (Assura). Assura has also received a competing cash offer from Sana Bidco Limited, a newly formed company indirectly wholly owned by (i) funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates and (ii) funds advised by Stonepeak Partners LP valuing Assura at £1.696bn.
CMS is also advising PHP on a £1.225bn unsecured facilities agreement which will be used to fund the cash consideration offered to Assura shareholders as well as repaying certain existing debt with the PHP and Assura groups and for working capital headroom.
PHP is a leading investor in modern primary healthcare premises let on long term leases, with a portfolio of 516 assets in the UK and Ireland valued at approximately £2.8bn between 31 December 2024 and 30 April 2025. The majority of PHP’s healthcare facilities are GP surgeries, with other properties let to NHS organisations, HSE in Ireland, pharmacies and dentists. PHP is a constituent of the FTSE 250 and the EPRA indices.
Assura is a leading diversified healthcare UK REIT, specialising in the development, investment and management of primary care centres, hospitals and other specialist healthcare properties. Assura is the long-term property partner to more than 600 healthcare buildings, valued at over £3.1bn as at 31 March 2025, with access to four growth markets: GPs, NHS Trusts, private providers and the Republic of Ireland. Assura is also a constituent of the FTSE 250 and EPRA indices.
The CMS team is being led by Corporate partner Alasdair Steele together with Kate Badr, Paul Blackmore, Jennifer Gray, Alice Frydl, Hannah Brash, Louise Marchington, Anna Ghataure, Brad Frost, Lucy Igbiri, Wesley Joseph and Eleanor Cogan (Corporate); David Rivera (US Securities Law); Mike Delaney, Alex Patience, Fergus Jones, Isabelle Marsh, Charlotte Choules, Alexandra Hilberer and Andreas Stavrakas (Banking); Philip Anderson and Robert Sartor (Tax); Cathy Merry, Sarah McMaster and Imogen Rohrs (Employee Incentives).
