Re Joint Venture

Primary Health Properties PLC
27 March 2002

27 March 2002
                                   Press Release

                    Primary Health Properties PLC to create
            £250 Million Joint Venture with Brackley Investments Ltd

Primary Health Properties PLC ("PHP") today announces that it has formed a joint
venture company with Brackley Investments Limited ("Brackley"), a UK property
development company, which will focus on providing primary healthcare property
facilities across the UK.

The Company, which is called Primary Health Solutions Limited ("Primary Health
Solutions"), will be equally owned by PHP and Brackley with an initial equity
and loan capital investment totaling £5 million in cash.  It is proposed that
Primary Health Solutions will increase its investment reach through the use of
senior debt and subordinated loan facilities.

It is envisaged that the total fully invested equity and debt position of the
new Company will eventually be in the order of £250 million.

Primary Health Solutions has been formed to focus on the growing property
investment opportunities available in the provision of public health facilities,
importantly by providing state-of-the-art doctors' surgeries and other primary
health facilities such as chemists and medical centres.

Primary Health Solutions will operate in two key ways.  Firstly it will develop
properties for sale and leaseback within the primary health sector, and secondly
it will tender for contracts under the Government's LIFT (Local Improvement
Finance Trust) initiative.

LIFT, a £1 billion investment initiative, will look to facilitate public private
partnerships to develop primary health facilities in areas of the country that
have been specifically targeted because of their below average standards of
primary healthcare.  In the first-wave, announced July 2001, the Government
identified six areas including Newcastle, Manchester and areas of London.
Earlier this year, a further 12 areas were added in the second-wave, including
Leicester, Hull, Coventry, Liverpool & Sefton and Cornwall & the Isles of
Scilly.

PHP and Brackley have a history of working together on providing funding
arrangements for the development of new properties.

Mr Harry Hyman, Managing Director of Primary Health Properties PLC, said:

"This joint venture is an important element of the growth strategy for PHP.
Importantly it is committed to providing brand new, modern premises for primary
healthcare providers operating in the community.  It is envisaged that it will
directly benefit members of the public, bringing them the opportunity to access
healthcare professionals offering state-of-the art technology in modern
facilities."

Mr Nick Owen, Chairman of Brackley Investments Ltd stated:

"Primary Health Solutions brings two complementary businesses together. Brackley
brings the well tested practical skills of development of primary care property.
PHP, also an established company within the sector, provides the essential
financial capacity to meet the public sector procurement criteria. This is a
growing market and it is our intention to be the leading player in it."

                                    - ENDS -

Enquiries

Primary Health Properties PLC                 Brackley Investments Ltd

Harry Hyman                07973 344 768      Matthew Roberts 07768 410 776
Adam Dalgliesh             07976 753 168      Nick Owen       07770 613 655

Bell Pottinger Financial                     Nexus Structured Communications Ltd
Zoe Sanders                020 7861 3887      Geoffrey Bowden 020 7439 7700


Notes to Editors

Primary Health Properties PLC

Primary Health Properties PLC listed on the London Stock Exchange in March 1996.
The Company invests in freehold property which is then let to General
Practitioners, NHS Trusts and Health Authorities, creating a solid income as
approximately 92% of the revenue comes directly or indirectly from the
Government.  It is the largest property owner of modern, purpose-built doctors'
practices with 38 properties held across the country as investments and a
further 7 currently under development. The Company currently has a market
capitalisation of around £30 million.

Brackley Investments Ltd

Brackley was founded in 1996 and is based in Bicester.  It develops doctors'
surgeries, health clinics and buildings for related uses.  To date it has
completed or is "on-site" on 35 schemes across the UK with the largest
concentration in the Midlands.  It retains approximately one third as an
investment.  The remainder are sold - at an average value of between £750,000 to
£1.5m.


                      This information is provided by RNS
            The company news service from the London Stock Exchange