Primary Health Properties (PHP) has announced that it has contracted to fund and acquire a purpose built primary care centre in Athy, County Kildare, in the Republic of Ireland. The transaction is being conducted through Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, for a total cost of €11.4 million. Construction work is expected to be completed in early 2020. Commenting on the Irish market, Harry Hyman, Managing Director of PHP, said “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”.
Athy Primary Care Centre
The Athy Primary Care Centre will comprise 3,975 metres squared of lettable space and approximately 80% of the rent roll will be contracted to the Health Service Executive (HSE – the Irish government’s executive agency which provides Ireland’s public health services in communities across the country) and TUSLA (the Irish government’s Child and Family agency) on 30 year leases. The remainder of the premises will be pre-let to a GP practice, pharmacy, and retail operator.
PHP’s Portfolio
The Athy Primary Centre acquisition is PHP’s ninth in Ireland. It increases PHP’s portfolio to a total of 316 assets, with a gross value of over £1.5 billion and a contracted rent roll of just under £80 million. The gross value of the Irish portfolio is now approaching €120 million of committed capital.
About Primary Health Properties
Primary Health Properties is a Real Estate Investment Trust (REIT). It has been listed on the London Stock Exchange since 5 November 1998 and has a premium main market listing. 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.