15th Apr 2020 11:04
(Alliance News) - Primary Health Properties PLC on Wednesday said it has completed the development of two primary care centres in Ireland.
The primary healthcare facilities investor said the 4,822 metre square centre at Bray, County Wicklow, extends over three floors with two-thirds of the rent roll contracted to the Health Service Executive. Other tenants at the development include a GP practice and a pharmacy who have - similarly to the Health Service Executive - both agreed 25-year leases from practical completion.
The 3,232 metre square centre at Rialto, Dublin, is also mainly let to the Health Service Executive on a 25-year lease.
Currently, Primary Health Properties' portfolio comprises 490 assets, valued at over GBP2.4 billion with a contracted rent roll of GBP128.0 million.
"We are delighted to be able to deliver these two large facilities that form an important component of the HSE's strategy of healthcare provision in the Dublin region in time to bolster primary healthcare capacity during the Covid-19 crisis, with the Rialto centre to be used initially as a community assessment hub for the virus, said Harry Hyman, managing director of Primary Health Properties.
"We continue to further build the quality of our portfolio by delivering new facilities with long unexpired lease terms. We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio," he added.
The stock was trading 3.9% lower at 155.00 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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