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UK’s Primary Health Properties agrees contract for Wexford care centre

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PHP completed three facilities here during the first half of the year- at Rialto in Dublin, Bray in Co Wicklow and Athy in Co Kildare, with a development cost of €48.3m
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PHP completed three facilities here during the first half of the year- at Rialto in Dublin, Bray in Co Wicklow and Athy in Co Kildare, with a development cost of €48.3m

Primary Health Properties (PHP) has reached an agreement with a developer to fund the acquisition and development of a purpose-built primary care centre in Enniscorthy, county Wexford.

The UK company has agreed a contract of €12.6m to fund the construction of the Enniscorthy primary care centre.

Agreements for the lease of the centre have been entered into for an initial term of 25 years with the HSE and a local GP practice.

Further leases are expected to be agreed with Tusla and a pharmacy, prior to practical completion of the building anticipated in early 2022, according to a statement from PHP.

Also today, PHP has acquired a standing let investment in Liverpool for £4.6m. The property is leased to a GP practice, with a patient list of over 13,000 patients, as well as a pharmacy.

The two transactions will increase PHP’s overall portfolio to a total of 513 assets, of which 18 are in Ireland.

The PHP portfolio has a contracted rent roll of approximately £135.3m, with a weighted average unexpired lease term (WAULT) – an indicator of the average remaining lease terms in a property portfolio – of over 12 years, and an occupancy rate of 99.5pc.

Harry Hyman, managing director of Primary Health Properties, said: "We are delighted to announce these transactions, which includes one of a number of development projects the group is pursuing at present.

Both properties will support our strategy of investing in the health of our communities by providing modern facilities to deliver a wide-range of primary care services.”

Mr Hyman added that the group has a “strong pipeline of opportunities” in Ireland and the UK and is “well positioned” to continue to grow its portfolio.

PHP reported profit of £39.5m in the six months to June 30, a swing on the loss of £105.6m last year.

Next rental income increased 20pc year-on-year to £64.8m.

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