Primary Health Properties PLC on Wednesday said it made its ‘largest single Irish acquisition to date’ as it agreed to buy Ireland’s first enhanced community care facility at Ballincollig, near Cork.
The London-based healthcare facility investor said the property bought for €29.6 million is fully let to the Health Service Executive on a 25-year lease ‘and benefits from five yearly, compounded annually, Irish consumer price index indexed rent reviews.’
The property will be managed by the company’s Irish property management business Axis Technical Services.
The acquisition increases PHP’s portfolio to 514 assets, of which 21 are in Ireland, with a contracted rent roll of over £149 million.
Chief Executive Officer Harry Hyman said: ‘Ireland continues to be the group’s preferred area for future investment where the property investment market continues to remain attractive and is accretive to earnings, being less affected by the ongoing interest rate and economic outlook in the UK.’
PHP shares rose 0.3% to 94.45 pence each on Wednesday morning in London.
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