PHP out to grow health portfolio to €300m as it snaps up centre
Primary Health Properties, a UK investor in healthcare facilities, plans to spend €300m on healthcare centres in Ireland by the end of 2021.
The group will tomorrow complete its merger with infrastructure fund Medicx - first announced in January - taking its combined portfolio to £2.3bn (€2.6bn).
Between the two companies they have spent €170m on projects around Ireland, and plan to spend a further €130m here over the next three years.
PHP managing director Harry Hyman told the Irish Independent the group had a number of Irish acquisitions in the pipeline, adding that it would be focusing on the Greater Dublin Area.
PHP yesterday announced the acquisition of the Meath Primary Healthcare Centre, in Dublin's south inner city, for €10.9m. The centre provides a range of services including three GP practices, dentistry, physiotherapy services and a pharmacy.
The property is fully let, with the HSE and GP practices accounting for 64pc of the rent roll. The combined unexpired lease term is approximately 16 years, but around 20 years for the leases to the HSE and the GP practices.
"We are delighted that our portfolio in Ireland continues to grow with the most recent acquisition of an existing fully-let PCC in Dublin," Mr Hyman said.
"We are committed to the continued growth of our portfolio in Ireland, a market where we see significant potential due to the Government's commitment to modernise the primary care infrastructure and widen the provision of healthcare services."