TIDMPHP

RNS Number : 2171M

Primary Health Properties PLC

13 September 2023

13 September 2023

Primary Health Properties PLC

("PHP" or the "Group")

Irish Acquisition

PHP makes largest single Irish acquisition to date

Primary Health Properties plc (LSE: PHP), one of the UK's leading investors in modern primary healthcare facilities, announces that it has agreed to acquire Ireland's first Enhanced Community Care ("ECC") facility at Ballincollig, near Cork, Ireland, for a total consideration of EUR29.64 million.

The property is fully let to the Health Service Executive ("HSE") on a 25-year lease and benefits from five yearly, compounded annually, Irish CPI indexed rent reviews.

The Government led ECC programme is a EUR240 million initiative to enhance and increase community-based health services aimed at reducing pressure on hospital services in Ireland. The building will provide a variety of services primarily to support elderly care and those suffering from a variety of chronic diseases including cardio, respiratory and endocrine issues.

The building has strong ESG credentials, with a BREEAM rating of "Very Good" and a Building Energy Rating of A3 equivalent to a Near Zero Emission Building ("NZEB") status. In addition, it benefits from solar roof panels and an air source heat pump. The property will have a strong social impact helping to support the HSE to deliver health and wellbeing in a community setting.

The property will be managed by Axis Technical Services, PHP's Irish property management business, and the acquisition will increase PHP's portfolio to 514 assets, of which 21 are in Ireland, with a contracted rent roll of over GBP149 million.

Harry Hyman, Chief Executive Officer of Primary Health Properties, commented:

"We are delighted to have acquired another modern purpose-built facility which represents our largest single investment in Ireland to date.

"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."

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

Further details:

 
 Harry Hyman                              Richard Howell 
  Chief Executive Officer                  Chief Financial Officer 
  Tel: +44 (0) 7973 344768                 Tel: +44 (0) 7766 072272 
 
   David Rydell / Steph Whitmore / Hannah 
   Ratcliff / Verity Parker 
   (Buchanan Communications) 
   Tel: +44 (0) 20 7466 5066 
 
 

Legal Entity Identifier: 213800Y5CJHXOATK7X11

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQLTMFTMTBBBPJ

(END) Dow Jones Newswires

September 13, 2023 02:00 ET (06:00 GMT)

Primary Health Prop (AQSE:PHP.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Primary Health Prop Charts.
Primary Health Prop (AQSE:PHP.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Primary Health Prop Charts.