Primary Health Properties buys Dublin care centre for €3.8m

The property was developed in 2019 and is let to the HSE and a local GP practice with a weighted average unexpired lease term (WAULT) of just under 23 years.

The HSE income represents 92pc of the rent roll at the property, according to a statement from the group.

This acquisition will increase PHP's portfolio to a total of 514 assets, of which 19 are in Ireland, with a contracted rent roll of over £135m (€156m).

The centre is delivering a range of outpatient services including: nursing, speech and language therapy, physiotherapy, occupational therapy, a social worker, clinical psychology, and GP care.

Harry Hyman, managing director of Primary Health Properties, said: "We are delighted to have acquired this modern purpose-built primary care centre, further increasing the group's footprint in Ireland in line with our stated strategy.”

“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 healthcare systems in these markets through the provision of modern, primary care infrastructure."

Last month Mr Hyman told the Irish Independent that Primary Health Properties plans to invest “the thick end of €75m during the next 12 months” in Ireland.

Up until today’s announcement the company’s portfolio here was valued at £200m (€230m) and PHP plans to double that over the next three years.

PHP saw its adjusted earnings jump 22pc last year to £73.1 (€84m). The performance was driven by a full year’s contribution from the merger with MedicX completed in March 2019, acquisitions, and continued rental growth, according to annual results from the group.

Last year net rental income at PHP increased 13pc to £131.2m (€151m), profit for the year was £112m (€128.8m).

The company has six forward-funded developments currently on-site across the UK and Ireland with a net development cost of £47.4m (€55m), including developments at Arklow and Enniscorthy in Ireland.

The company’s total portfolio, including Ireland and the UK, was valued at £2.6bn (€3bn) at year end.