9th May 2018 10:46
LONDON (Alliance News) - Primary Health Properties PLC said Wednesday it has acquired a primary care centre in Ireland for EUR5.80 million.
The primary healthcare investor said its investment vehicle Primary Health Properties ICAV has bought the fully-let 1,600 square metre Mountmellick Primary Healthcare Centre, which also has a separate 230 square metre pharmacy.
The Health Service Executive accounts for 65% of the total rent roll and the combined unexpired term certain is around 18.50 years. The HSE is the government's executive agency which provides Ireland's public health services in communities across the country.
"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 Primary Health Properties Managing Director Harry Hyman.
This acquisition is the company's fourth deal in Ireland and increases the company's portfolio to a total 308 assets, with a gross value of over GBP1.38 billion and a contracted rent roll of over GBP73.5 million. The Irish portfolio is currently valued in excess of EUR40 million.
Shares in Primary Health Properties were up 0.1% at 114.92 pence in morning trade in London on Wednesday.
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