Primary Health Properties PLC Republic of Ireland Acquisition (2564A)
23 March 2017 - 6:00PM
UK Regulatory
TIDMPHP
RNS Number : 2564A
Primary Health Properties PLC
23 March 2017
23 March 2017
Primary Health Properties PLC
Republic of Ireland Acquisition
Primary Health Properties PLC ("PHP"), the UK's leading investor
in modern primary healthcare facilities, announces that it has
contracted to fund and acquire a purpose built primary care centre
in the Republic of Ireland.
Primary Health Properties ICAV, an Irish investment vehicle
wholly owned by PHP, has contracted to provide development funding
for the construction of a new primary care centre in Carrigaline,
for a total cost of EUR7.3 million (net assets acquired EUR7.3
million).
The centre comprises circa 2,900m(2) and is to be fully let for
25 years from completion. Over three quarters of the rent roll is
contracted to the Health Service Executive ("HSE"). 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 25 year leases to a group of GPs and a
pharmacy operator. The construction work is expected to be
completed by Q3 2017.
This acquisition, PHP's second in Ireland, increases PHP's
portfolio to a total 299 assets, with a gross value of over GBP1.2
billion and a contracted rent roll of GBP68.8 million.
Harry Hyman, Managing Director of PHP, commented:
"We are delighted to make continued progress in building our
portfolio in the Republic of Ireland, and are pleased to have
secured our second transaction with the same development team whose
strong pipeline amongst others will enable our growth targets to be
achieved. Demand for medical treatment in the UK and Ireland is
rising sharply because of the ageing and growing population and the
need for modern, local healthcare is becoming more acute in order
to relieve the pressures being placed on hospitals and A&E
departments. We plan to invest in our pipeline of further
acquisition and forward funding opportunities in both the UK and
Ireland."
More information on Primary Health Properties PLC can be found
on www.phpgroup.co.uk
Further details:
Harry Hyman Phil Holland
Managing Director Finance Director
Tel: +44 (0) 20 7451 Tel: +44 (0) 20 7104
7050 5599
David Rydell / Elizabeth
Snow /
Eve Kirmatzis
Bell Pottinger
T +44 (0) 20 3772 2582
This information is provided by RNS
The company news service from the London Stock Exchange
END
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