Primary Health Properties makes first foray into Ireland

Primary healthcare facilities investor Primary Health Properties announced on Wednesday that it has completed the acquisition of its first primary care centre in the Republic of Ireland.

The London-listed firm’s Irish investment vehicle, Primary Health Properties ICAV, has taken delivery of a new, purpose built primary care centre in Tipperary following completion of its construction, for a total cost of €6.7m.

PHP said the 2,800 square metre centre is fully let and rent producing.

Three quarters of the rent roll is contracted to the Health Service Executive for a 25-year lease term.

The board said the HSE is the Irish government's executive agency which provides Ireland's public health services in communities across the country.

It confirmed the remainder of the rent roll comes from 25-year leases to a group of GPs and a national pharmacy operator.

The acquisition increases PHP’s portfolio to 294 assets, with a gross value of over £1.2bn and a contracted rent roll of £67.4m.

“We are delighted to have completed our first acquisition in the Republic of Ireland,” said managing director Harry Hyman.

“Much like the UK, Ireland is experiencing increasing demands on its healthcare system and there is a significant need to provide modern, high quality primary care facilities to meet these demands.

“PHP has a strong pipeline of earnings enhancing opportunities in the UK and Republic of Ireland through which we will continue to grow the value of the portfolio and returns to shareholders.”