12th Mar 2019 09:35
LONDON (Alliance News) - Primary healthcare facilities investor Primary Health Properties PLC on Tuesday said it will acquire Meath Primary Healthcare Centre in Dublin for EUR10.9 million.
The Meath centre includes three GP practices, a pharmacy,and a specialist health clinic, as well as a number of other care services.
The fully-let property is 2,770 metres squared and has a combined unexpired lease term of around 16 years.
However, 64% of the total rent roll comes from the three GP practices and the Health Services Executive, the Irish government's public health services provider, and these have a combined unexpired lease term of around 20 years. Moreover, these leases benefit from consumer price index led rent reviews.
The completion date for the acquisition is July 19, and this is Primary Health Properties' tenth in Ireland, raising the investor's total portfolio to 317 assets with a gross value of more than GBP1.5 million. The gross value of the company's Irish portfolio will be close to EUR120 million.
One the deal is complete, Primary Health Properties' contracted rent roll will be just below GBP80 million.
Managing Director Harry Hyman said: "We are delighted our portfolio in Ireland continues to grow with the most recent acquisition of an existing fully let [primary healthcare centre] 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. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions."
Shares in Primary Health Properties were up 0.6% at 123.67 pence on Tuesday.
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