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Primary Health Properties grows Irish portfolio

Primary Health Properties (PHP) has acquired Jellia Holdings, which owns a primary care centre in Dublin and two others in the Dublin commuter towns of Newbridge and Celbridge, for €38.6 million (£34.4 million).

All three properties are fully let, with the Irish government’s executive agency, the Health Service Executive, and other government bodies, including Tulsa and the Kildare and Wicklow Education Training Board, accounting for approximately 63% of the total rent roll. The remainder of the rent is from Centric Health, a UK and Irish primary healthcare provider, and pharmacies.

The combined unexpired lease term at the properties is approximately 21 years.

This acquisition is London-based PHP’s eighth in Ireland and increases its portfolio to 313 assets, with a gross value of more than £1.4 billion and a contracted rent roll of over £75 million.

PHP managing director Harry Hyman (pictured) said: “We are committed to the Irish market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services.

“The acquisition is in line with our target acquisition profile, as the majority of rental income is secured against a government-backed tenant with a long unexpired lease term. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions.”

*Sister companies of HealthInvestor UK have an interest in PHP

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Posted on: 11/09/2018

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