Primary Health Properties PLC (LON:PHP) acquired a modern purpose-built primary care centre in Shankill, Co. Dublin, Ireland for €3.8mln.
The property was developed in 2019 and is let to the Health Service Executive (HSE), Ireland's equivalent to the UK's National Health Service, and a local general practitioner (GP) practice.
It has a weighted average unexpired lease term (WAULT) of just under 23 years, which will increase the Primary Health (PHP) portfolio’s WAULT.
The HSE income represents 92% of the rent roll being Irish government-backed income.
Following the acquisition, PHP will have 514 assets in its portfolio, of which 19 are in Ireland; the contracted rent roll will be more than £135mln.
“The suite of services the centre provides to the local community is exemplary of the important role primary care has to play in the provision of health services outside of hospitals, which are under unprecedented strain in the wake of COVID-19. We have a strong pipeline of opportunities in the UK and Ireland and are well-positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure,” said Harry Hyman, the managing director of Primary Health Properties.