Acquisition

RNS Number : 7720Q

Primary Health Properties PLC

02 March 2021

 

Primary Health Properties PLC

Irish Acquisition

Primary Health Properties PLC ("PHP" or the "Group"), one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired a modern purpose-built primary care centre in Shankill, Co. Dublin, Ireland for a cost of €3.8 million.

The Property was developed in 2019 and is let to the Health Service Executive ("HSE"), Ireland's equivalent to the UK's NHS, and a local GP practice with a weighted average unexpired lease term ("WAULT") of just under 23 years, which is accretive to the portfolio WAULT.  The HSE income represents 92% of the rent roll being Irish government backed income. 

The primary care centre is 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. 

This acquisition will increase PHP's portfolio to a total of 514 assets, of which 19 are in Ireland, with a contracted rent roll of over £135 million.

Harry Hyman, Managing Director of Primary Health Properties, commented:

"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. 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."

More information on Primary Health Properties PLC can be found on  www.phpgroup.co.uk

Further details:

Harry Hyman Chief Executive Officer Tel: [phone]		Richard Howell Chief Financial Officer Tel: [phone]
David Rydell / Steph Watson / Tilly Abraham (Buchanan Communications) Tel: [phone]

Legal Entity Identifier: 213800Y5CJHXOATK7X11

 

END

 

 

ACQUAVBRARUORAR