Primary Healthcare Properties investing in Cork – Primary Health Properties ICAV, an Irish investment vehicle wholly owned by Primary Healthcare Properties, has agreed to acquire a large modern primary heathcare facility in County Cork, Ireland for a total cost of €20 million.
The facility comprises a lettable area of circa 6,500m2 and will be fully let. The Health Service Executive (“HSE”) have committed to a new 25 year lease representing circa 65% of the total rent roll. The HSE is the government’s executive agency which provides Ireland’s public health services in communities across the country. The remainder of the rent roll comes from four separate GP practices, who have entered into long leases and other complimentary tenants including a dentist, optician and physiotherapist.
This acquisition, PHP’s third in Ireland, increases PHP’s portfolio to a total of 307 assets, with a gross value of over £1.35 billion and a contracted rent roll of just over £73 million.
Harry Hyman, Managing Director of PHP, commented: “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. The centre is one of the largest modern primary care centres in the Republic of Ireland, serving a large local community, predominantly secured against a government backed tenant on a new long term lease 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.”
PHP : Primary Healthcare Properties investing in Cork