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Primary Health Properties adds to its Irish portfolio with Athlone acquisition

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PHP has 20 properties in Ireland

PHP has 20 properties in Ireland

PHP has 20 properties in Ireland

Primary Health Properties (PHP), a major UK investor in modern primary healthcare facilities, has agreed to purchase the Clonbrusk Primary Care Centre, in Athlone, Co. Westmeath for €10.1m.

This brings to the total number of PHP assets in Ireland to 20, and the company is aiming to double exposure here, which was £200m (€237m) at June 30.

The property is a modern, purpose-built primary care centre which was developed in 2013 and is effectively 100pc let to the Health Service Executive (HSE), according to a statement from PHP.

In addition, there are long leases in place to two GP practices and a pharmacy.

It has an unexpired lease term of 17.5 years.

This acquisition will increase PHP’s portfolio to a total of 517 assets. The group’s portfolio now has a contracted rent roll of almost £139m.

Harry Hyman, CEO of Primary Health Properties, said: "We are delighted to have acquired this large primary care centre of approximately 44,000 sq ft, further increasing the group’s footprint in Ireland in line with our stated strategy.”

“The primary care centre is the principal centre within its locality, delivering a suite of core primary care outpatient services including: audiology, vaccinations, cervical checks, cryosurgery, diabetes care, family planning, maternity & infant care, minor surgery, phlebotomy and an x-ray service.”

He added that the group has a “strong pipeline” of opportunities in Ireland and the UK, “and are well positioned to continue to grow our portfolio and to support the development of a modern healthcare infrastructure in these markets."

Earlier this year the company said it plans to spend €126m developing eight sites in Ireland over the next two years.

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The company saw its adjusted earnings increase 13pc to £40.7m (€48m) in the first six months of this year.

Net rental income increased 4.5pc to £67.7m, according to a trading update in July.

The overall value of the group’s property portfolio at June 30 has increased to £2.65bn from £2.58bn at the end of 2020, reflecting a net initial yield of 4.7pc.

Of PHP’s contracted rental income, 90pc is paid either directly or indirectly by the UK and Irish governments, with the balance mainly coming from pharmacies co-located at its properties.


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