£33.1m acquisition of Nexus and management internalisation by Primary Health Properties PLC

Deal typeCapital Markets & Transaction Services
IndustryHealthcare & Professional Services & Real Estate
Client namePrimary Health Properties Plc

BDO provided acquisition support, financial and tax due diligence for PHP on its £33.1m acquisition of Nexus and internalisation of management.

In January 2021, PHP PLC completed its acquisition of Nexus Tradeco Holdings Limited, which is the holding company of its long-standing external property adviser Nexus Tradeco Limited, and certain subsidiaries, including Nexus’s primary care development business.

Amongst other benefits, the internalisation was intended to broaden interest in the investment community, reduce costs (with anticipated annual cost savings of over £4m) and improve shareholder returns whilst securing the continuity of the well-regarded and experienced Nexus management team.

 

“We were very pleased with the high quality service provided by the BDO team on this transaction. Management internalisations are infrequent in the real estate sector and BDO’s previous experience with such transactions played an important role in ensuring the success of the Nexus acquisition."

Steven Owen, Chairman

"We are proud to have assisted PHP with this deal.  The internalisation marks an extremely positive step for the business, including the cost savings and earnings enhancement anticipated, and appears to have since been well received by investors. It was a pleasure to work with the team and its advisors"

Simon Hall, Corporate Finance Director