UK health centre owner invests €11.4m in Athy facility
Primary Health Properties, a UK investor in primary healthcare facilities, is to provide development funding for the construction of a new primary care centre in Athy, Co. Kildare, for a total cost of €11.4m.
The centre will comprise of 3,975 sq. metres of lettable space, and approximately 80pc of the rent roll will be contracted to the HSE and TUSLA on 30 year leases.
The remainder of the premises will be pre-let to a GP practice, pharmacy, and retail operator.
Construction work is expected to be completed early next year.
This acquisition, PHP's ninth in Ireland, increases PHP's portfolio to a total of 316 assets, with a gross value of over £1.5bn and a contracted rent roll of just under £80m.
The gross value of the Irish portfolio is now approaching €120m of committed capital.
Harry Hyman, managing director of PHP, said: "This acquisition will provide a substantial new purpose built primary care centre and reinforces our progress in growing our Irish portfolio, a market where we see significant potential due to the Irish government's commitment to modernise the primary care infrastructure and widen the provision of healthcare services in local communities."
"We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions."