PHP buys in Ireland

By James Wallace - Wednesday, May 09, 2018 8:34

PHP buys Mountmellick Primary Healthcare Centre for €5.8m

Primary Health Properties (PHP), the healthcare investor, has acquired a modern, purpose built primary care centre in Ireland for €5.8m.

PHP, through Primary Health Properties ICAV, a wholly-owned Irish investment vehicle, has acquired the fully-let Mountmellick Primary Healthcare Centre.

The centre which comprises of circa 1,600m2 and there is a separate pharmacy of circa 230m2.

The Health Service Executive accounts for circa 65% of the total rent roll and the combined unexpired term certain is circa 18.5 years. The HSE is the government's executive agency which provides Ireland's public health services in communities across the country.

This acquisition, PHP's fourth in Ireland, increases PHP's portfolio to a total 308 assets, with a gross value of over £1.375bn and a contracted rent roll of over £73.5m. The gross value of the Irish portfolio is now in excess of €40m.

Harry Hyman, managing director of PHP, said: “Mountmellick is a well-placed modern primary care centre providing local integrated care via the HSE, GPs and pharmacy. The majority of the income is secured against a government-backed tenant with a long unexpired term and is therefore substantially in line with our target acquisition profile.”

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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