Primary Health Properties PLC

M&A Activity • Dec 14, 2017

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RNS Number : 3333Z

Primary Health Properties PLC

14 December 2017

14 December 2017

Primary Health Properties PLC

Republic of Ireland Acquisition

Primary Health Properties PLC ("PHP"), the UK's leading investor in modern primary healthcare facilities, announces that Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has agreed to acquire a large modern primary heathcare facility (the "Centre") in County Cork, Ireland for a total cost of €20 million (net assets acquired €20 million).

The Centre comprises a lettable area of circa 6,500m2 and will be fully let. The Health Service Executive ("HSE") have committed to a new 25 year lease representing circa 65% of the total rent roll.  The HSE is the government's executive agency which provides Ireland's public health services in communities across the country. The remainder of the rent roll comes from four separate GP practices, who have entered into long leases and other complimentary tenants including a dentist, optician and physiotherapist.

This acquisition, PHP's third in Ireland, increases PHP's portfolio to a total of 307 assets, with a gross value of over £1.35 billion and a contracted rent roll of just over £73 million.

Harry Hyman, Managing Director of PHP, commented:

"We are delighted to make continued progress in building our portfolio in the Republic of Ireland, a market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services.  The Centre is one of the largest modern primary care centres in the Republic of Ireland, serving a large local community, predominantly secured against a government backed tenant on a new long term lease and is therefore substantially in line with our target acquisition profile. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions."

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

Legal Entity Identifier: 213800Y5CJHXOATK7X11

Further details:

Harry Hyman Managing Director Tel: +44 (0) 20 7451 7050	Richard Howell Finance Director Tel: +44 (0) 20 7104 5599
David Rydell / Steph Watson (Buchanan Communications) Tel: +44 (0) 20 7466 5066

This information is provided by RNS

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