PHP makes fifth acquisition in Ireland

Specialist primary care property investor Primary Health Properties (PHP) has made its fifth acquisition in the Republic of Ireland with the purchase of a primary care centre for €22.3m (£19.7m).

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, will provide development funding for the construction of the centre in Bray in County Wicklow.

The deal takes PHP’s portfolio to 310 assets, with a gross value of nearly £1.4bn and a contracted rent roll of £74.7m.

Construction work on the County Wicklow centre, which has approximately 4,800m 2 of lettable space, is expected to finish by autumn next year. Around 70% of its rent roll is contracted to the Irish government’s executive agency Health Service Executive on a 25-year lease and the remainder of the premises will be let to a GP practice, pharmacy, coffee shop and car park operator.

Harry Hyman, managing director of PHP, said: ‘This acquisition will provide a substantial new purpose built primary care centre 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.’