Primary Health Properties buys three more centres

London-listed Primary Health Properties increased the value of its Irish portfolio to €100 million with the acquisition of three purpose-built primary care centres in Dublin and Kildare.

The real-estate investment trust said it had acquired Jellia Holdings Limited, which owns the three fully let centres at Navan Road, Dublin, Newbridge and Celbridge, for €38.6 million.

It brings to eight the number of acquisitions the company has made in Ireland.

PHP managing director Harry Hyman said the company anticipated continued expansion in Ireland.

€2.6m for Navan site with permisison for 37 houses

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D2 building near Grafton Street for sale for €2m

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Key Cabra plot for 419 apartments on sale for €32m

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City East Retail Park outside Limerick for sale for €28m

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“We are committed to the Irish market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services,” he said.

“The acquisition is in line with our target acquisition profile, as the majority of rental income is secured against a Government-backed tenant with a long unexpired lease term. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions.”

PHP’s portfolio now stands at a total of 313 assets valued at over £1.4 billion (€1.55 billion).