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Primary Health Properties contracted to acquire Ireland care centre

23 March 2017 07:38

Primary Health Properties was contracted to fund and acquire a purpose built primary care centre in the Republic of Ireland.

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, was contracted to provide development funding for the construction of a new primary care centre in Carrigaline, for a total cost of €7.3m (net assets acquired €7.3m).

The centre comprises circa 2,900m and is to be fully let for 25 years from completion.

Over three quarters of the rent roll is contracted to the Health Service Executive (HSE). The HSE is the government's executive agency which provides Ireland's public health services in communities across the country.

The remainder of the rent roll comes from 25 year leases to a group of GPs and a pharmacy operator.

Construction work is expected to be completed by Q3 2017.

This acquisition, PHP's second in Ireland, increases PHP's portfolio to a total 299 assets, with a gross value of over £1.2bn and a contracted rent roll of £68.8m.

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