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Primary Health Properties PLC Completed acquisition of Meath PCC

Further to its announcement on 12th March 2019, Primary Health Properties PLC (LON:PHP), one of the UK’s leading investors in modern primary healthcare facilities, announced today that it has completed the acquisition of The Meath Primary Healthcare Centre, Dublin 8 (Meath PCC), a standing let primary care centre in the Republic of Ireland.

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has acquired the Meath PCC for a total cost of €10.987 million.

This acquisition is PHP’s fifteenth asset in Ireland (including built and committed assets) and increases PHP’s total portfolio to 484 properties, with a gross value of over £2.3 billion and a contracted rent roll in excess of £125 million. The gross value of the Irish portfolio is expected to be approximately €200 million when current contracted and onsite developments reach practical completion.

Harry Hyman, Managing Director of PHP, commented:

“The completion of the acquisition of Meath PCC marks an important addition to PHP’s Irish portfolio. The property is fully let with the majority of the rental income secured by government backing with a long unexpired term, further enhancing our sustainable, long term income. We are delighted to make continued progress in building 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. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions.”