Primary Health Properties PLC (LON:PHP) has contracted to acquire a standing let primary care centre in the Republic of Ireland.
It has acquired The Meath Primary Healthcare Centre, a primary care centre located in Dublin, for a total cost of €10.9 million.
The centre provides a range of local integrated care services including three general-practitioner (GP) practices, diagnostic services, dentistry, a specialist health clinic, physiotherapy services and a pharmacy.
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It is the tenth centre Primary Health Properties (PHP) operates in Ireland and increases the number of assets the investment company has to 317.
"We are delighted that our portfolio in Ireland continues to grow with the most recent acquisition of an existing fully let PCC in Dublin,” said Harry Hyman, the managing director of PHP.
“The majority of the rental income is secured against a government-backed tenant with a long unexpired term. We are committed to the continued growth of our portfolio in Ireland, a market where we see significant potential due to the government's commitment to modernise the primary care infrastructure and widen the provision of healthcare services,” he 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," Hyman said.