UK’s Primary Health Properties Fends Off KKR Bid for Landlord Assura

Primary Health Properties Plc has prevailed in the fiercely contested takeover battle for rival landlord Assura Plc, a watershed deal that saw shareholders reject a cash offer from private equity in favor of remaining invested in a UK public company.

The transaction will create the UK’s largest publicly traded health care landlord, bringing together PHP’s £2.81 billion ($3.8 billion) portfolio with Assura’s £3.1 billion of assets to create the country’s eighth most valuable real estate investment trust by market capitalization.