Primary Health Properties has made its largest Irish acquisition to date, with a deal to buy a facility near Cork.
PHP has agreed to acquire Ireland’s first enhanced community care facility at Ballincollig for a total consideration of €29.64m.
Chief executive Harry Hyman said: “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.”
The property is fully let to the Health Service Executive on a 25-year lease and benefits from five-yearly, compounded-annually, Irish CPI-indexed rent reviews.
It forms part of the €240m government-led ECC programme, which aims to enhance and increase community-based health services to reduce pressure on hospital services.
The building, which has strong ESG credentials, will primarily provide services to support elderly care and those suffering from chronic diseases.
The property will be managed by Axis Technical Services, PHP’s Irish property management business.
The deal will increase PHP’s portfolio to 514 assets, of which 21 are in Ireland, with a contracted rent roll of more than £149m.
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