Primary Health Properties acquires three care centres in Ireland

Healthcare facilities investor Primary Health Properties has acquired three modern, purpose-built primary care centres in the Republic of Ireland, it announced on Wednesday, increasing the gross value of its Irish portfolio to more than €100m.

The FTSE 250 firm said Primary Health Properties ICAV, an Irish collective investment vehicle wholly-owned by the company, has acquired the entire issued share capital of Jellia Holdings, a company which owns primary care centres at Navan Road in Dublin and in Newbridge and Celbridge - two commuter towns just outside Dublin in County Kildare - for a cost of €38.6m.

It said all three properties were fully let.

The HSE - the Irish government's executive agency - and other government bodies including TULSA and the Kildare Wicklow Education Training Board accounted for about 63% of the total rent roll at the properties, which had a combined unexpired lease term of around 21 years.

PHP said the balance was from Centric Health - a UK and Ireland primary healthcare provider - and pharmacies.

The company’s board said the acquisition, its eighth in Ireland, increased PHP's portfolio to a total of 313 assets, with a gross value of over £1.4bn and a contracted rent roll of over £75m.

“We are delighted to acquire these assets which have significantly increased the size and value of our portfolio in Ireland, and where we anticipate continuing to expand, as our acquisition programme gathers momentum,” said Primary Health Properties managing director Harry Hyman.

“We are committed to the Irish market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services.”

Hyman said the acquisition was in line with the company’s target acquisition profile, as the majority of rental income was secured against a government-backed tenant with a long unexpired lease 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.”