UK healthcare investor acquires fourth Irish property

Primary Health Properties has acquired Mountmellick facility for €5.8m

PHP now has four facilities in Ireland. Photograph: iStock

PHP now has four facilities in Ireland. Photograph: iStock

 

Primary healthcare facility investor Primary Health Properties (PHP) has acquired its fourth Irish facility for €5.8 million.

The UK-based investor has acquired Mountmellick Primary Healthcare Centre, in Co Laois, through its wholly-owned Irish investment vehicle. The 1,600sq m centre is fully let, and has an adjoining pharmacy of around 230sq m. The Health Service Executive (HSE) accounts for about 65 per cent of the rent roll.

This acquisition increases PHP’s portfolio to a total of 308 assets, with a gross value of over £1.375 billion and a contracted rent roll of over £73.5 million.

PHP’s Irish portfolio now has a gross value of over €40 million.

“We are delighted that our portfolio in Ireland is continuing to grow, and that our acquisition programme is gathering momentum,” said Harry Hyman, PHP managing director.

“We remain committed to the continued growth of our portfolio in the Republic of Ireland, a market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services.

“Mountmellick is a well-placed modern primary care centre providing local integrated care via the HSE, GPs and pharmacy.

“The majority of the income is secured against a government-backed tenant with a long unexpired term, and is, therefore, substantially in line with our target acquisition profile.

“We have a strong pipeline of acquisitions in the UK and Ireland, and are well positioned to continue growing the portfolio in both jurisdictions,” said Mr Hyman.

PHP also has properties in Mallow and Carrigaline, both in Co Cork, and in Tipperary town.