Primary Health Properties lands €5.8m Irish health centre

Healthcare facility investor Primary Health Properties has acquired a purpose-built primary care centre in Ireland.

The company’s Irish investment vehicle, Primary Health Properties ICAV, acquired the Mountmellick Primary Healthcare Centre for a total cost of €5.80m.

Harry Hyman, managing director of PHP, said: “We remain committed to the continued growth of our portfolio in the Republic of Ireland, a market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services.”

The acquisition includes a centre of 1,600 metres squared and a separate pharmacy of 230 metres squared, with both elements let independently.

The Health Services Executive (HSE), The Irish government’s executive public health services provider, accounts for 65% of the total rent roll at the site, with an unexpired term certain of roughly 18.5 years.

“Mountmellick is a well-placed modern primary care centre providing local integrated care via the HSE, GPs and pharmacy. The majority of the income is secured against a government backed tenant with a long unexpired term and is therefore substantially in line with our target acquisition profile. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions,” said Hyman.

The acquisition is PHP’s fourth in Ireland and increases the company’s total portfolio to a total of 308 assets with a gross value of over £1.375bn and a contracted rent roll of over £73.5m.

As of 0815 BST, Primary Health Properties’ shares were down 0.17% at 114.80p.