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Primary Healthcare completes €11mln acquisition of Dublin primary care centre

The Meath PCC is fully let, with most of its rent secured by government backing

meath pcc
Primary now owns 484 properties across the UK and Ireland

Primary Health Properties PLC (LON:PHP) has completed the €11mln acquisition of the Meath Primary Healthcare Centre in Dublin.

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.

READ: Primary Health increases its Irish estate to 10

Managing director Harry Hyman said the Meath PCC is an “important addition” to PHP’s Irish portfolio.

“The property is fully let with the majority of the rental income secured by government backing with a long unexpired term, further enhancing our sustainable, long term income," said Hyman.

“We are delighted to make continued progress in building 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.

“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 acquisition, first announced back in March, is the FTSE 250 group’s fifteenth asset in Ireland and takes the total portfolio up to 484 properties.

PHP’s portfolio has a gross value of £2.3bn and a contracted rent roll in excess of £125mln, the company added.

Quick facts: Primary Health Properties PLC

Price: 153.8 GBX

Market: LSE
Market Cap: £1.87 billion

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