Primary Health Properties makes its biggest Ireland acquisition yet

Healthcare facilities investor Primary Health Properties announced on Wednesday that it would acquire Ireland's first Enhanced Community Care (ECC) facility located near Cork for €29.64m.

The company said the building is part of a €240m government initiative to reduce hospital load by providing community-based health services.

It said the facility would cater primarily to the elderly and those with chronic diseases.

The property is eco-friendly with a ‘Very Good’ BREEAM rating, and a Building Energy Rating of A3, indicating near-zero emissions.

Features include solar panels and an air source heat pump.

Axis Technical Services would manage the property, adding to PHP's expanding portfolio, now totalling 514 assets, including 21 in Ireland.

“We are delighted to have acquired another modern purpose-built facility which represents our largest single investment in Ireland to date,” said chief executive officer Harry Hyman.

“Ireland continues to be the group's preferred area for future investment where the property investment market continues to remain attractive and is accretive to earnings, being less affected by the ongoing interest rate and economic outlook in the UK.”

At 0840 BST, shares in Primary Health Properties were up 0.09% at 94.29p.

Reporting by Josh White for Sharecast.com.