19th Feb 2019 08:28
LONDON (Alliance News) - Primary Health Properties PLC on Tuesday said it will fund and acquire a primary healthcare centre in Athy, Ireland for EUR11.4 million.
The healthcare property investor will provide development funding for construction through its investment vehicle Primary Health Properties ICAV. Construction of the scheme is expected to be completed in early 2020.
The Athy centre will comprise 3,975 square metres in space, with 80% of the rent roll contracted to the Health Service Executive and to TUSLA.
The Health Service Executive is an Irish government executive agency that provides public health services, and TUSLA is the government's child and family agency.
The remaining space will be pre-let to a GP practice, pharmacy and retail operator.
The acquisition will increase Primary Healths total portfolio to 316 assets, with a gross value of GBP1.5 billion and contracted rent roll of GBP80 million.
"This acquisition will provide a substantial new purpose built primary care centre and reinforces our progress in growing our Irish portfolio, a market where we see significant potential due to the Irish government's commitment to modernise the primary care infrastructure and widen the provision of healthcare services in local communities," said Managing Director Harry Hyman.
"The acquisition of the completed centre is in line with our strategy of investing in purpose built centres offering a range of healthcare services and with the majority of the income secured against government backed tenants with a long unexpired term," Hyman added.
Shares in Primary Health Properties were down 0.2% in London at 117.60 pence on Tuesday.
Related Shares:
Primary Health