REG - Primary Health Props - Acquisition

Primary Health PropertiesAnnouncement

02/03/2021 07:01

RNS Number : 7720Q
  
Primary Health Properties PLC
  
02 March 2021
  
 

 
Primary Health Properties PLC 
Irish Acquisition
 
Primary Health Properties PLC ("PHP" or the "Group"), 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 Shankill, Co. Dublin, Ireland for a cost of €3.8 million.
 
The Property was developed in 2019 and is let to the Health Service Executive ("HSE"), Ireland's equivalent to the UK's NHS, and a local GP practice with a weighted average unexpired lease term ("WAULT") of just under 23 years, which is accretive to the portfolio WAULT.  The HSE income represents 92% of the rent roll being Irish government backed income.  
 
The primary care centre is the key centre within its locality with the HSE delivering core primary care outpatient services including: nursing, speech and language therapy, physiotherapy, occupational therapy, a social worker, clinical psychology, GPs and administrative staff.  
 
This acquisition will increase PHP's portfolio to a total of 514 assets, of which 19 are in Ireland, with a contracted rent roll of over £135 million.
 
Harry Hyman, Managing Director of Primary Health Properties, commented:
 
"We are delighted to have acquired this modern purpose-built primary care centre, further increasing the Group's footprint in Ireland in line with our stated strategy. 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."
 
More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk
 
Further details:
 



Harry Hyman
Chief Executive Officer
Tel: +44 (0) 20 7451 7050


Richard Howell
Chief Financial Officer
Tel: +44 (0) 20 7104 5599














 
David Rydell / Steph Watson / Tilly Abraham

(Buchanan Communications)
Tel: +44 (0) 20 7466 5066

 



 








Legal Entity Identifier: 213800Y5CJHXOATK7X11
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
ACQUAVBRARUORAR