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Gowling WLG advises USS on expansion of £400 million healthcare property joint venture
International law firm Gowling WLG has advised Universities Superannuation Scheme Limited (USS) on the expansion of its healthcare property joint venture with Primary Health Properties (PHP), increasing its target size from £250 million to £400 million.
Subject to additional approval, the joint venture has the potential to grow to £800 million over time, supporting further investment into essential NHS community healthcare infrastructure.
Gowling WLG advised USS on the joint venture tax and all associated corporate matters and the joint venture vehicle in relation to all real estate aspects of the acquisition of the expanded portfolio. Contracts have been exchanged for the transfer of a further nine primary care properties worth approximately £67 million into the joint venture, with a further pipeline of assets expected to follow. Following completion, the joint venture's portfolio will exceed £250 million.
The 20:80 joint venture focuses on healthcare properties let directly to NHS organisations or GP tenants, with rents linked to inflation or fixed uplifts. Its future investment plans include new Neighbourhood Health Centres and other healthcare assets supporting the NHS's long-term strategy to provide more care within local communities.
Dan Gwilliam, Real Estate partner at Gowling WLG, said:
"We are delighted to continue supporting USS and the Primary Care Joint Venture with PHP as their partnership enters its next phase. The expansion reflects the continued appetite for long-term investment in UK healthcare real estate, and the role institutional capital can play in supporting the delivery of essential health infrastructure across the UK.
"This transaction is another example of the breadth of investment activity we support our Institutional fund clients with across the whole range of real asset classes and advising in relation complex investment structures."
The Gowling WLG team advising the Primary Care Joint Venture was led by Real Estate partner Dan Gwilliam and Principal Associate Zoe Johnston. USS was advised by Funds Partner Sharon Ayres and Lee Nutall led in relation to tax.
Gowling WLG's Real Estate team advises investors across a wide range of investment assets, supporting clients throughout the investment lifecycle, from acquisitions and disposals to joint ventures, funding and strategic portfolio transactions.
For more information about our Real Estate investment expertise, contact Dan Gwilliam or a member of the Real Estate team.
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