Primary Health Properties PLC

M&A Activity • Oct 21, 2021

National Storage Mechanism | Additional information

RNS Number : 8148P

Primary Health Properties PLC

21 October 2021

Primary Health Properties PLC

("PHP" or the "Group") 

Irish Acquisition

Primary Health Properties PLC, one of the UK's leading investors in modern primary healthcare facilities, announces that it has agreed to acquire the Clonbrusk Primary Care Centre, Athlone, Co. Westmeath, Ireland for a cost of €10.1 million.

The property is a modern, purpose-built primary care centre which was developed in 2013 and is effectively 100% let to the Health Service Executive ("HSE"), Ireland's equivalent to the UK's NHS. It has an unexpired lease term of 17.5 years, which is accretive to the portfolio WAULT.  There are long leases at peppercorn rents in place to two GP practices and a pharmacy.    

This acquisition which is expected to complete on 22 October 2021 will increase PHP's portfolio to a total of 517 assets, of which 20 are in Ireland.  The Group's portfolio now has a contracted rent roll of almost £139 million.

Harry Hyman, CEO of Primary Health Properties, commented:

"We are delighted to have acquired this large primary care centre of approximately 44,000 sq ft, further increasing the Group's footprint in Ireland in line with our stated strategy. The primary care centre is the principal centre within its locality, delivering a suite of core primary care outpatient services including: audiology, vaccinations, cervical checks, cryosurgery, diabetes care, family planning, maternity & infant care, minor surgery, phlebotomy and an x-ray service. We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the development of a modern healthcare infrastructure in these markets."

More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk

Further details:

Harry Hyman Chief Executive Officer Tel: +44 (0) 20 7451 7050		Richard Howell Chief Financial Officer Tel: +44 (0) 20 7104 5599
David Rydell / Steph Whitmore / Tilly Abraham (Buchanan Communications) Tel: +44 (0) 20 7466 5066

Legal Entity Identifier: 213800Y5CJHXOATK7X11

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