NHP PLC - Acquisition, etc

                        RNS No 9995w
NHP PLC
6 July 1999
 
 
                         NHP Plc
 
     Acquisition of Lend Lease Partnership interest
       Completion of assignment of Grampian Leases
 
 
NHP Plc ("NHP"), the UK's only listed property investment
group  specialising  in  the purchase  and  leaseback  of
modern  purpose-built  care homes,  today  announced  the
acquisition  of the Lend Lease Group's 49.99% Partnership
interest in the LLNHP Partnership and completion  of  the
assignment of the Grampian Leases.
 
On 18 June 1999, NHP completed the purchase of Lend Lease
NH  Limited, ("LLNH") a wholly owned subsidiary  of  Lend
Lease  Europe  Limited, part of Lend Lease  Corporation's
worldwide Group.  LLNH is the vehicle through which  Lend
Lease formed a joint venture with NHP in October 1997  to
invest in the UK care home industry.
 
NHP  purchased Lend Lease Europe Limited's shares in LLNH
for  £1,550,136  together with repayment  of  Lend  Lease
Europe's  initial  investment of £2.76m.   This  purchase
eliminates  the  minority interest in NHP's  consolidated
accounts,  thereby  maximising its interest  in  a  prime
portfolio  of 15 care home properties spread  across  the
UK.    The   homes,  which  were  owned  by   the   LLNHP
Partnership, have been acquired by NHP Securities  No.  3
Limited.   The Partnership finance facilities  have  been
terminated with an attributable cost to the NHP Group  of
approximately  £750,000, which will be charged  to  NHP's
consolidated  profit and loss account as  an  exceptional
item in the quarter ended 30 June 1999.
 
On   28   May  1999  NHP  announced  that  Administrative
Receivers  from PriceWaterHouseCoopers had been appointed
to  Grampian  Care  Limited,  and  Grampian  Care  (1997)
Limited  ("Grampian"),  both tenants  of  NHP.  NHP  also
announced  that  it had agreed, subject to  contract,  to
assign  13  Grampian leases to Southern Cross  Healthcare
Limited.  On 29 June 1999 NHP successfully completed  the
assignment of the 13 Leases.
 
Richard Ellert, Chief Executive of NHP Plc, commented:
 
     "We  formed the partnership with Lend Lease in early
     1998  to  provide NHP with an alternative source  of
     funding for NHP's acquisitions programme.  For  Lend
     Lease  this  was a way, at the time,  of  gaining  a
     foothold  in  the UK care home sector.  Since  then,
     the  focus  of  both parties have changed  and  both
     parties  agreed that this was a convenient time  for
     NHP   to  acquire  Lend  Lease's  interest  in   the
     Partnership."
 
 
Enquiries
 
NHP Plc                            
Richard Ellert, Chief Executive           0171 496 3400
Ludgate Communications                                              
Terry Garrett / Sue Jackson               0171 253 2252
Collins Stewart Limited            
Kripa Radhakrishnan                       0171 522 9977
 
 
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