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Primary Health Properties PLC Irish Portfolio grows to over €100 million

Primary Health Properties PLC (LON:PHP), one of the UK’s leading investors in modern primary healthcare facilities, announced that it has acquired three modern, purpose built primary care centres in the Republic of Ireland, increasing the gross value of the Irish portfolio to over €100 million.

 Primary Health Properties ICAV, an Irish collective investment vehicle wholly owned by PHP, has acquired the entire issued share capital of Jellia Holdings Limited, a company which owns primary care centres at Navan Road in Dublin and in Newbridge and Celbridge, two commuter towns just outside Dublin in County Kildare for a cost of €38.6 million (net assets acquired €38.6 million). 

 All three properties are fully let. The HSE, the Irish government’s executive agency, and other government bodies including TULSA & the Kildare Wicklow Education Training Board (“KWETB”) account for circa 63% of the total rent roll at the properties which have a combined unexpired lease term of approximately 21 years.  The balance is from Centric Health, a leading UK and Irish Primary healthcare provider, and pharmacies.

 This acquisition, PHP’s eighth in Ireland, increases PHP’s portfolio to a total of 313 assets, with a gross value of over £1.4 billion and a contracted rent roll of over £75 million. 

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

 “We are delighted to acquire these assets which have significantly increased the size and value of our portfolio in Ireland, and where we anticipate continuing to expand, as our acquisition programme gathers momentum.  We are committed to the Irish 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 is in line with our target acquisition profile, as the majority of rental income is secured against a government backed tenant with a long unexpired lease term. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions.”