Primary Health Properties PLC Republic of Ireland Acquisition (4295N)

TIDMPHP

RNS Number : 4295N

Primary Health Properties PLC

09 May 2018

9 May 2018

Primary Health Properties PLC

Republic of Ireland Acquisition

Primary Health Properties PLC ("PHP"), one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired a modern, purpose built primary care centre in the Republic of Ireland.

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has acquired the Mountmellick Primary Healthcare Centre ("Mountmellick") for a total cost of EUR5.80 million (net assets acquired EUR5.80 million).

The centre comprises of circa 1,600m(2) and there is a separate pharmacy of circa 230m(2) with both elements being fully let. The Health Service Executive ("HSE") accounts for circa 65% of the total rent roll and the combined unexpired term certain is circa 18.50 years. The HSE is the government's executive agency which provides Ireland's public health services in communities across the country.

This acquisition, PHP's fourth in Ireland, increases PHP's portfolio to a total 308 assets, with a gross value of over GBP1.375 billion and a contracted rent roll of over GBP73.5 million. The gross value of the Irish portfolio is now in excess of EUR40m.

Harry Hyman, Managing Director of PHP, commented:

"We are delighted that our portfolio in Ireland is continuing to grow and that our acquisition programme is gathering momentum. We remain committed to the continued growth of our portfolio in the Republic of Ireland, a market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services. 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. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions."

More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk

-Ends-

Further details:

 
 Harry Hyman                   Richard Howell 
  Managing Director             Finance Director 
  Tel: [phone]     Tel: [phone] 
                                5599 
 
 David Rydell / Steph Watson 
  / Tilly Abraham 
  (Buchanan Communications) 
  Tel: [phone] 
 

This information is provided by RNS

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May 09, 2018 02:01 ET (06:01 GMT)