REG - Primary Health Props - PHP makes largest single Irish acquisition to date

Primary Health PropertiesAnnouncement

13/09/2023 07:15

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RNS Number : 2171M  Primary Health Properties PLC  13 September 2023

13 September 2023

 

Primary Health Properties PLC

("PHP" or the "Group")

 

Irish Acquisition

PHP makes largest single Irish acquisition to date

 

Primary Health Properties plc (LSE: PHP), one of the UK's leading investors in
modern primary healthcare facilities, announces that it has agreed to acquire
Ireland's first Enhanced Community Care ("ECC") facility at Ballincollig, near
Cork, Ireland, for a total consideration of €29.64 million.

 

The property is fully let to the Health Service Executive ("HSE") on a 25-year
lease and benefits from five yearly, compounded annually, Irish CPI indexed
rent reviews.

 

The Government led ECC programme is a €240 million initiative to enhance and
increase community-based health services aimed at reducing pressure on
hospital services in Ireland. The building will provide a variety of services
primarily to support elderly care and those suffering from a variety of
chronic diseases including cardio, respiratory and endocrine issues.

 

The building has strong ESG credentials, with a BREEAM rating of "Very Good"
and a Building Energy Rating of A3 equivalent to a Near Zero Emission Building
("NZEB") status. In addition, it benefits from solar roof panels and an air
source heat pump. The property will have a strong social impact helping to
support the HSE to deliver health and wellbeing in a community setting.

 

The property will be managed by Axis Technical Services, PHP's Irish property
management business, and the acquisition will increase PHP's portfolio to 514
assets, of which 21 are in Ireland, with a contracted rent roll of over £149
million.

 

Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:

 

"We are delighted to have acquired another modern purpose-built facility which
represents our largest single investment in Ireland to date.

 

"Ireland continues to be the Group's preferred area for future investment
where the property investment market continues to remain attractive and is
accretive to earnings, being less affected by the ongoing interest rate and
economic outlook in the UK."

 

More information on Primary Health Properties PLC can be found
on www.phpgroup.co.uk (http://www.phpgroup.co.uk/)

 

Further details:

 

 Harry Hyman                        Richard Howell

 Chief Executive Officer            Chief Financial Officer

 Tel: +44 (0) 7973 344768           Tel: +44 (0) 7766 072272

 David Rydell / Steph Whitmore / Hannah Ratcliff / Verity Parker

(Buchanan Communications)

 Tel: +44 (0) 20 7466 5066

 

 

 

Legal Entity Identifier: 213800Y5CJHXOATK7X11

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