PHP to invest €18m in Co Wicklow primary healthcare centre

Primary Health Properties (PHP) is to invest €18 million in a new purpose-built primary care centre in Co Wicklow.

The London-listed healthcare property investor said lease agreements had been signed for an initial 30-year term with the Health Service Executive and a local GP practice for use of the centre in Arklow.

The property is due for completion at the end of 2021, PHP said.

The acquisition increases the company’s portfolio of operations in the Republic to 17. It has 511 centres across the whole group internationally. The portfolio gross value is just under £2.5 billion with a contracted rent roll of £132 million.

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PHP has said it intends to invest up to € 300 million in Irish acquisitions up to the end of 2021. The company raised £70 million through a loan note issue late last year to finance future Irish developments.

The investor merged with rival MedicX, a company that also owned a number of primary healthcare centres here, last year.

Prior to the latest acquisition, the merged group’s Irish assets were valued at €189.2 million.

The Ftse 250-listed company, which is led by Harry Hyman, recorded revenues of £121.3 million last year.

For the 12 months to the end of last December, net rental incomes rose 51.4 per cent to £115.7 million.