Primary Health Properties PLC (LON: PHP) has contracted to fund and acquire a purpose built primary care centre in the Republic of Ireland.
The company will provide development funding for the construction of a new primary care centre in Athy, County Kildare, for a total cost of €11.4 million (net assets acquired €11.4 million).
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The acquisition is PHP's ninth in Ireland and increases its portfolio to a total of 316 assets, with a gross value of more than £1.5 billion and a contracted rent roll of just under £80 million. The gross value of the Irish portfolio is now approaching €120 million of committed capital, PHP said.
"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 Harry Human, the managing director of PHP.
“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. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions,” he added.