Primary Health Properties (PHP) has acquired three modern, purpose-built primary care centres in the Republic of Ireland, increasing the gross value of the Irish portfolio to over €100m. Primary Health Properties ICAV, an Irish collective investment vehicle wholly owned by PHP, has acquired the entire issued share capital of Jellia Holdings Limited, a company which owns primary care centres at Navan Road in Dublin and in Newbridge and Celbridge, two commuter towns just outside Dublin in County Kildare for a cost of €38.6m (net assets acquired €38.6m). All three properties are fully let.
Harry Hyman, Managing Director of PHP, commented: "We are delighted to acquire these assets which have significantly increased the size and value of our portfolio in Ireland, and where we anticipate continuing to expand, as our acquisition programme gathers momentum. We are committed to the Irish market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services. The acquisition is in line with our target acquisition profile, as the majority of rental income is secured against a government-backed tenant with a long unexpired lease term. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions."