Healthcare facilities owner Primary Health Properties PLC (LON:PHP) has added to its portfolio in Ireland with the acquisition of Mountmellick Primary Healthcare Centre in County Laois.
The FTSE 250 group is paying €5.8mln (£5.1mln) for the centre which also includes an on-site pharmacy.
Both the healthcare centre and the pharmacy are fully let, with Ireland’s government-run public health provider – the Health Service Executive – accounting for around two-thirds of the total rent.
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PHP added that the combined unexpired term certain is roughly 18.5 years.
“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.
Hyman added: “We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions.”
The Mountmellick acquisition is the company’s fourth in Ireland and takes PHP’s portfolio to 308 assets which have a gross value of almost £1.4bn and a contracted rent roll of £73.5mln.
The value of the Irish portfolio now stands at more than €40mln following the acquisition, and PHP will look to build on that in the coming years as it sees “significant potential” in the country due to the need to modernise care infrastructure and widen the provision of health services.
PHP shares closed at 114.8p on Tuesday.