Primary Health Properties buys three more centres

Total value of Irish portfolio now stands at more than €100m

Photograph: iStock

Photograph: iStock

 

London-listed Primary Health Properties increased the value of its Irish portfolio to €100 million with the acquisition of three purpose-built primary care centres in Dublin and Kildare.

The real-estate investment trust said it had acquired Jellia Holdings Limited, which owns the three fully let centres at Navan Road, Dublin, Newbridge and Celbridge, for €38.6 million.

It brings to eight the number of acquisitions the company has made in Ireland.

PHP managing director Harry Hyman said the company anticipated continued expansion in Ireland.

“We are committed to the Irish market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services,” he said.

“The acquisition is in line with our target acquisition profile, as the majority of rental income is secured against a Government-backed tenant with a long unexpired lease term. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions.”

PHP’s portfolio now stands at a total of 313 assets valued at over £1.4 billion (€1.55 billion).