Primary Health Properties has bought a care centre development in Arklow in Ireland for €18m (£16m).
The healthcare facilities investor will provide the development funding for the build and acquisition of the 57,400 sq ft care centre.
It will be built to the new nearly zero-energy building regulations in Ireland.
PHP has agreed a 30-year lease with the Health Service Executive and a local GP surgery, which will relocate to the premises on completion.
It brings the investor’s portfolio to a total of 511 assets, of which 17 are in Ireland, with a gross value of just under £2.5bn and a contracted rent roll of £132m.
Managing director Harry Hyman said: “The property, which is due for practical completion at the end of 2021, will support both the HSE’s strategy of healthcare provision in Ireland and PHP’s strategy of delivering modern healthcare facilities let on long lease terms to tenants with a secure covenant.”
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