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Primary Healthcare buys Meath health centre

Primary Health Properties makes its fifth acquisition in Eire

Primary Healthcare buys Meath health centre – Primary Health Properties has completed the acquisition of The Meath Primary Healthcare Centre, Dublin 8, a standing let primary care centre in the Republic of Ireland. The company announced it was planning to make this acquisition in March.

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has acquired the centre for a total cost of EUR10.987 million. This acquisition adds PHP’s fifteenth asset in Ireland (including built and committed assets) and increases PHP’s total portfolio to 484 properties, with a gross value of over GBP2.3 billion and a contracted rent roll in excess of GBP125 million. The gross value of the Irish portfolio is expected to be approximately EUR200 million when current contracted and onsite developments reach practical completion.

Harry Hyman, managing director: “The completion of the acquisition of Meath PCC marks an important addition to PHP’s Irish portfolio. The property is fully let with the majority of the rental income secured by government backing with a long unexpired term, further enhancing our sustainable, long term income. We are delighted to make continued progress in building our portfolio in the Republic of Ireland, a market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions.”

PHP : Primary Healthcare buys Meath health centre

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