Primary Health Properties is forward funding 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 the €7.3m (£6.2m) funding to develop the new primary care centre in Carrigaline.
The centre will total around 31,000 sq ft and is to be fully let for 25 years from completion.
More than three-quarters of the rent roll is contracted to the Health Service Executive, the government’s executive agency which provides Ireland’s public health services across the country.
The remainder of the rent roll comes from 25-year leases to a group of GPs and a pharmacy operator. Construction is expected to be completed by Q3 2017.
The acquisition, PHP’s second in Ireland, increases PHP’s portfolio to 299 assets, with a gross value of more than £1.2bn and a contracted rent roll of £68.8m.
Harry Hyman, managing director of PHP, said: “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.”
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