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PHP plans further investment in facilities for Ireland

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PHP completed three facilities here during the first half of the year- at Rialto in Dublin, Bray in Co Wicklow and Athy in Co Kildare, with a development cost of €48.3m

PHP completed three facilities here during the first half of the year- at Rialto in Dublin, Bray in Co Wicklow and Athy in Co Kildare, with a development cost of €48.3m

PHP completed three facilities here during the first half of the year- at Rialto in Dublin, Bray in Co Wicklow and Athy in Co Kildare, with a development cost of €48.3m

Primary Health Properties says around a third of its £128m (€140.7m) development pipeline will be focused on Ireland.

The company has been very active in the Irish market, where it has 17 healthcare centres valued at €214.3m.

This includes two forward-funded developments currently under construction which, if valued as complete, increase the total asset value to approximately €233m.

When combined with the rental income, the Irish market represents 8pc of the group's total portfolio.

PHP reported profit of £39.5m in the six months to June 30, a swing on the loss of £105.6m last year.

Next rental income increased 20pc year-on-year to £64.8m.

The company, which receives 90pc of its rent from the HSE or National Health Service in the UK, said it was a "very robust and resilient start" to the year.

As at July 27 it had collected 96pc of its rent in Ireland and the UK for the third quarter of this year.

Harry Hyman, managing director of PHP, said he was "particularly pleased with the Irish portfolio."

Earlier this month PHP raised £140m via a share placing to fuel expansion.

"The funds raised will help further accelerate our growth by funding near-term portfolio expansion, forward funded developments and asset management projects," Mr Hyman said.

PHP completed three facilities here during the first half of the year- at Rialto in Dublin, Bray in Co Wicklow and Athy in Co Kildare, with a development cost of €48.3m.

"The Covid-19 pandemic has highlighted the demands on health systems around the world, not least the NHS in the UK and HSE in Ireland, where the underlying demand for healthcare is increasingly driven by growing and ageing populations," Mr Hyman said.

He added that this showed the need for modern local primary health facilities to ease the pressure on hospitals and accident and emergency departments.

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