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Primary Health Properties boosts Irish portfolio with €39M buy

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Primary Health Properties boosts Irish portfolio with €39M buy

Primary Health Properties PLC purchased three purpose-built primary care centers in Ireland for €38.6 million, taking the gross value of its Irish portfolio to north of €100 million.

The healthcare real estate investment trust's wholly owned investment vehicle, Primary Health Properties ICAV, bought the entire issued share capital of Jellia Holdings Ltd., a company that owns the three modern assets in Dublin, Newbridge and Celbridge.

The fully leased properties house Irish government institutions, including TULSA & the Kildare Wicklow Education Training Board, that generate roughly 63% of the total rent and have an aggregate unexpired lease term of about 21 years. The remaining space is occupied by healthcare provider Centric Health.

The deal boosts the REIT's portfolio to 313 assets, with a gross value of over £1.4 billion.