Primary Health Properties acquires Dublin care centre

Healthcare facilities investor Primary Health Properties has acquired a modern, purpose-built primary care centre in Shankill, County Dublin, Ireland, it announced on Tuesday, for €3.8m (£3.29m).

The FTSE 250 company said the property was developed in 2019, and was leased to the Health Service Executive - the Republic of Ireland's equivalent to the UK NHS - and a local GP practice.

It has a weighted average unexpired lease term of just under 23 years, which the firm said was accretive to the portfolio’s weighted average unexpired lease term.

The HSE income represented 92% of the rent roll, being Irish government-backed income.

Primary Health Properties said the primary care centre was the key centre within its locality, with the HSE delivering core primary care outpatient services including nursing, speech and language therapy, physiotherapy, occupational therapy, a social worker, clinical psychology, GPs and administrative staff.

The board said the acquisition would increase the company’s portfolio to a total of 514 assets, of which 19 were in Ireland, with a contracted rent roll of more than £135m.

“We are delighted to have acquired this modern purpose-built primary care centre, further increasing the group's footprint in Ireland in line with our stated strategy,” said managing director Harry Hyman.

“The suite of services the centre provides to the local community is exemplary of the important role primary care has to play in the provision of health services outside of hospitals, which are under unprecedented strain in the wake of Covid-19.

“We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure.”

At 0931 GMT, shares in Primary Health Properties were up 0.75% at 155.15p.