Republic of Ireland Acquisition

RNS Number : 3781U

Primary Health Properties PLC

12 July 2018

 

12 July 2018

Primary Health Properties PLC

Republic of Ireland Acquisition

Primary Health Properties PLC ("PHP"), one of the UK's leading investors in modern primary healthcare facilities, announces that it has contracted to fund and acquire a significant purpose built primary care centre ("PCC") in the Republic of Ireland.

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has contracted to provide development funding for the construction of a new primary care centre in Bray, County Wicklow, for a total consideration of €22.3 million (net assets acquired €22.3 million).

The centre will comprise of circa 4,800m² of lettable space and approximately 70 per cent of the rent roll is contracted to the Health Service Executive ("HSE") on a 25 year lease.  The HSE is the Irish government's executive agency which provides public and health services in communities across the country. The remainder of the premises will be let to a GP practice, pharmacy, coffee shop and car park operator. Construction work is expected to be completed by autumn 2019.

This acquisition, PHP's fifth in the Republic of Ireland, increases PHP's portfolio to a total of 310 assets, with a gross value of over £1.395 billion and a contracted rent roll of £74.7 million.

Harry Hyman, Managing Director of PHP, commented:

"This acquisition will provide a substantial new purpose built PCC 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."

More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk

LEI: 213800Y5CJHXOATK7X11

-Ends-

Further details:

Harry Hyman

Managing Director

Tel: [phone]           Richard Howell

Finance Director

Tel: [phone]

David Rydell / Steph Watson / Tilly Abraham

(Buchanan Communications)

Tel: [phone]          

 

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