LONDON (ShareCast) - (Sharecast News) - Primary Health Properties on Tuesday increased its Irish estate after acquiring Meath Primary Healthcare Centre in Dublin for €10.9m.
Acquired through Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, the Meath PCC provides a range of local integrated care services including three GP practices, diagnostic services, dentistry, a specialist health clinic, physiotherapy services and a pharmacy.

Harry Hyman, managing director of PHP, said: "We are delighted that our portfolio in Ireland continues to grow with the most recent acquisition of an existing fully let PCC in Dublin. The majority of the rental income is secured against a government backed tenant with a long unexpired term."

The Health Service Executive (HSE), the Irish government's executive agency which provides public health services in communities across the country, and GP practices account for 64% of the total rent roll and the leases benefit from CPI led rent reviews.

"We are committed to the continued growth of our portfolio in Ireland, a market where we see significant potential due to the government's commitment to modernise the primary care infrastructure and widen the provision of healthcare services. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions," said Hyman.

The acquisition, which has a completion date of 19 July, is PHP's tenth in Ireland and increases the FTSE 250 traded company's total portfolio to 317 assets, with a gross value of over £1.5bn and the gross value of the Irish portfolio now approaching €120m.

Primary Health Properties' shares were up 0.71% at 123.87p at 0850 GMT.

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