Primary Health Properties makes its fifth acquisition in Eire
Primary Health Properties makes its fifth acquisition in Eire – Primary Health Properties (PHP) has contracted to fund and acquire a purpose built primary care centre in the Republic of Ireland.
The company, which is doing this with its Irish investment vehicle Primary Health Properties ICAV, will provide development funding for the construction of the centre in Bray, County Wicklow, for €22.3 million.
When completed, the centre will have lettable space of approximatly 4,800 square metres and about 70% of the rental income is contracted to the Health Service Executive (“HSE”) on a 25 year lease. The HSE is the Irish government’s executive agency which provides public and health services in communities across the country. The remainder of the premises will be let to a GP practice, pharmacy, coffee shop and car park operator. Construction work is expected to be completed by autumn 2019.
This acquisition, PHP’s fifth in the Republic of Ireland, increases the company’s portfolio to a total of 310 assets, with a gross value of over £1.395 billion and a contracted rent roll of £74.7 million.
Comment from Harry Hyman, Managing Director of Primary Health Properties:
“This acquisition will provide a substantial new purpose built PCC in suburban Dublin and reinforces our progress in growing our Irish portfolio, a market where we see significant potential due to the Irish government’s commitment to modernise the primary care infrastructure and widen the provision of healthcare services in local communities. This acquisition is in line with our strategy of investing in purpose built centres offering a range of healthcare services and with the majority of the income secured against a government backed tenant with a long unexpired term. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions.”
More on Primary Health Properties
Primary Health Properties is a REIT. The objective of the Group is to generate increased rental income and capital growth through investment in primary health property in the UK leased principally to GPs, NHS organisations and other associated healthcare users.
PHP : Primary Health Properties makes its fifth acquisition in Eire