Primary Health Properties PLC (LON:PHP) said Investec Wealth & Investment has sold a 4.8% stake in the business after the primary care specialist agreed to merge with MedicX Fund (LON:MXF).
Investec has also sold its 5.9% holding in MedicX Fund.
PHP received an irrevocable undertaking from Investec to sell the shares in January when the company announced the merger with MedicX Fund.
READ: Primary Health boosts GP portfolio with £400mln MedicX merger
The merger valued MedicX shares at 88.7p or £393mln in total. PHP shareholders will own 69% of the enlarged company.
PHP expects the deal to result in cost savings of £4mln in the first year and lower financing charges further out. It will also increase the size of its portfolio to 479 properties worth £2.3bn.