Primary Health Properties has agreed to fund and acquire a new purpose-built primary care centre in Athy, County Kildare in the Republic of Ireland for €11.4m (£10m)
The care centre will comprise 42,786 sq ft of lettable space with approximately 80% of the rent roll to be contracted on 30-year leases to the Irish government’s Health Service Executive and child and family agency Tusla.
The remainder of the premises will be prelet to a GP surgery, pharmacy and retail operator.
Construction work is expected to be completed in early 2020.
The purchase is PHP’s ninth in Ireland and increases the businesses portfolio to 316 assets with a gross value of more than £1.5bn and a contracted rent roll of just under £80m. The gross value of the Irish portfolio is now approaching €120m of committed capital.
Harry Hyman, managing director of PHP, said: “This acquisition will provide a substantial new purpose-built primary care centre and reinforces our progress in growing our Irish portfolio, a market where we see significant potential due to the Irish government’s commitment to modernise the primary care infrastructure and widen the provision of healthcare services in local communities.
“The acquisition of the completed centre is in line with our strategy of investing in purpose-built centres offering a range of healthcare services and with the majority of the income secured against government backed tenants with a long unexpired term.”
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