UK healthcare Reit PHP announces second Irish investment

A listed UK property fund has made its second investment in Ireland with plans to build a new primary care centre in Carrigaline, Co Cork for a total cost of €7.3 million.

Primary Health Properties (PHP) said the 2,900 metre-squared centre will be fully let for 25 years from completion with over three quarters of the rent roll contracted to the Health Service Executive (HSE). The remainder of the rent roll is to come from leases to a group of GPs and a pharmacy operator.

The construction work is expected to be completed by the third quarter of this year.

The acquisition, PHP’s second in Ireland, increases its portfolio to a total 299 assets, with a gross value of over £1.2 billion and a contracted rent roll of £68.8 million.

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The dedicated healthcare real estate investment trust (Reit) announced it had entered the Irish market in October after purchasing a new purpose built 2,800 metre-squared centre in Tipperary for €6.7 million.

The fund's managing director Harry Hyman said further investments in Ireland are expected.

Recent reports indicate that PHP is dramatically gearing up its investment in Ireland with a war chest of up to €150 million looking for a home in Ireland.

“ Demand for medical treatment in the UK and Ireland is rising sharply because of the ageing and growing population and the need for modern, local healthcare is becoming more acute in order to relieve the pressures being placed on hospitals and A&E departments,” said Mr Hyman.