PHP Wins Battle Against KKR For UK Health Care Landlord Assura

**UK Health Care Landlord Assura Chooses Public Over Private in Major Deal**

What’s Happening?

In a stunning turnaround, Primary Health Properties (PHP) has outmaneuvered private equity giant KKR to win the ownership battle for health care real estate firm Assura. Investors unexpectedly voted in favor of staying in the public market, turning down KKR’s generous cash offer.

Where Is It Happening?

The takeover tussle is centered in the UK, impacting British healthcare real estate investment trust (REIT) markets.

When Did It Take Place?

The decisive vote occurred on Tuesday, ending weeks of high-stakes negotiations and investor scrutiny.

How Is It Unfolding?

– KKR’s cash offer was valued at 165p per share, while PHP’s initial proposal stood at 148p, later sweetened to 156.7p.
– Assura shareholders prioritized long-term public market stability over immediate cash payouts.
– The outcome sends a strong signal about investor confidence in public markets amid economic uncertainty.
– PHP gains a dominant position in the UK’s healthcare real estate sector.

Quick Breakdown

– PHP defeated KKR in a high-profile takeover bid.
– Assura investors favored staying public over KKR’s cash offer.
– The deal reshapes the UK healthcare property landscape.
– PHP now controls a major rival, consolidating its market position.

Key Takeaways

This victory highlights a surprising preference for long-term growth over short-term gains, as shareholders bet on PHP’s ability to navigate economic challenges better than private equity. The decision also reflects the turbulent climate for private equity deals in the UK, where regulatory scrutiny and investor sentiment play crucial roles.

Private equity deals aren’t as irresistible as they used to be. Investors are thinking long-term, and that’s a game-changer.
– Marian Lane, Head of UK REIT Investments

Final Thought

Primary Health Properties’ win over KKR marks a pivotal moment in the UK healthcare real estate sector. By favoring public market stability, Assura shareholders have set a precedent that could shape future private equity battles. For PHP, this victory strengthens its position, but it also raises the stakes in a competitive industry.

Source & Credit: https://www.bloomberg.com/news/articles/2025-08-12/php-pips-kkr-in-battle-to-buy-uk-health-care-landlord-assura