Business Irish

Wednesday 23 October 2019

UK's Primary Health Properties acquires Dublin healthcare centre for €10.9m

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Stock photo
Ellie Donnelly

Ellie Donnelly

Primary Health Properties, a UK investor in healthcare facilities, has acquired a healthcare centre in Dublin for €10.9m.

The gross value of the group’s Irish portfolio is now approaching €120m.

The Meath Primary Healthcare Centre, in Dublin’s south inner city, provides a range of local integrated care services including; three GP practices, diagnostic services, dentistry, a specialist health clinic, physiotherapy services and a pharmacy.

The property, which is around 2,770 square metres, is fully let.

The HSE and GP practices account for 64pc of the total rent roll, and the leases are subject to rent reviews.

The combined unexpired lease term is approximately 16 years, but around 20 years for the leases to the HSE and the GP practices. 

Harry Hyman, managing director of PHP, said:

"We are delighted that our portfolio in Ireland continues to grow with the most recent acquisition of an existing fully let PCC in Dublin."

"The majority of the rental income is secured against a government backed tenant with a long unexpired term. 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."

Mr Hyman added that the group has a strong pipeline of acquisitions in the UK and Ireland and "are well positioned to continue growing the portfolio in both jurisdictions."

This acquisition is PHP's tenth in Ireland and increases PHP's total portfolio to 317 assets, with a gross value of over £1.5bn (€1.7bn) and a contracted rent roll of just under £80m (€93m).

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