Completion of EUR20 million acquisition in Ireland

RNS Number : 0855G

Primary Health Properties PLC

27 February 2018

 

27 February 2018

Primary Health Properties PLC

€ 20m Republic of Ireland Acquisition Completed

Further to its announcement on 14 December 2017, Primary Health Properties PLC ("PHP"), the UK's leading investor in modern primary healthcare facilities, announces that Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has completed the acquisition of the Mallow Primary Healthcare Centre, a large modern primary healthcare facility (the "Centre") in County Cork, Ireland for a total cost of €20 million (net assets acquired €20 million).

Prior to completion, the Health Service Executive ("HSE") entered into a new 25 year lease representing circa 65% of the total rent roll.  The remainder of the rent roll comes from four separate GP practices, who have entered into long leases and other complimentary tenants: these include a dentist, optician, physiotherapist and a pharmacy held on a long leasehold interest.

Harry Hyman, Managing Director of PHP, commented:

"We are delighted to complete on this important step in building our portfolio in the Republic of Ireland, a market where we see significant potential for partnering with the Irish Government due to its commitment to modernising the primary care infrastructure and improving the provision of healthcare services in Ireland.  The Centre, as one of the largest modern primary care centres in Ireland, fits well into the Irish Government's vision for the delivery of integrated health provision to a local community by offering a wide range of complimentary services at one location.  We have a strong pipeline of similar 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

Legal Entity Identifier: 213800Y5CJHXOATK7X11

Further details:

Harry Hyman Managing Director Tel: [phone]	Richard Howell Finance Director Tel: [phone]
David Rydell / Steph Watson (Buchanan Communications) Tel: [phone]

 

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