Primary Health Properties PLC (LSE:PHP, OTC:PHPRF) has made its largest acquisition in Ireland, snapping up the country’s first Enhanced Community Care facility in Cork for a total of €29.64 million.
Already fully let, the former office building’s 25-year lease will see rent reviewed every five years against Irish consumer price inflation, compounded annually.
It takes PHP’s portfolio in Ireland to 21 and the group total to 514 properties with a contracted rent roll of over £149 million.
Ireland’s Enhanced Community Care programme is designed to provide more health services in the community, especially for older people and people with chronic diseases.
PHP noted that the building has near-zero emissions, with solar roof panels and an air source heat pump, plus a strong social impact to further boost its ESG credentials.
Chief executive Harry Hyman hailed the company’s largest single investment in Ireland to date, adding that the country “continues to be the group's preferred area for future investment where the property investment market continues to remain attractive and is accretive to earnings, being less affected by the ongoing interest rate and economic outlook in the UK”.