PHP secures clearance to acquire Assura and reshape private healthcare infrastructure

Primary Health Properties (PHP), a London and Dublin-listed real estate investment trust with significant Irish backing, has secured UK regulatory approval to acquire Assura plc for £1.7 billion. The deal creates a £6 billion private healthcare REIT that will strengthen infrastructure across Britain’s ageing healthcare estate.

The UK’s Competition and Markets Authority raised no objections to the £1.7 billion merger, clearing the last hurdle for PHP to combine operations with its long-time rival. The authority will soon lift restrictions that required both firms to remain financially and operationally separate during the review.

PHP said the acquisition will strengthen its capacity to support modernisation across Britain’s ageing healthcare estate. With more than one-third of primary care buildings deemed outdated or undersized, the group plans to expand facilities that enable NHS-backed services such as mental health clinics, clinical pharmacists, and social prescribing initiatives.

The merger will also generate cost synergies estimated at £9 million annually, alongside a reduced cost of capital. PHP CEO Mark Davies described the decision as a turning point for the private healthcare infrastructure sector, adding that the combined entity will help deliver more efficient, community-focused care environments.

Assura’s property portfolio stood at £3.1 billion as of March 2025, up from £2.71 billion the previous year, while PHP’s portfolio reached £2.8 billion. Both firms have consistently increased dividend payouts, reflecting stable demand for healthcare facilities and strong investor confidence in the sector’s long-term returns.

Davies said the merger’s integration will create the scale and flexibility needed to meet future healthcare delivery challenges. “Together, we are positioned to deliver modern, purpose-built healthcare buildings across the UK and Ireland, supporting NHS cost-efficiency and expanding patient access,” he said.

Read the full report for an in-depth look at how this merger is reshaping the UK’s private healthcare landscape.