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Healthcare facility investor Primary Health Properties (PHP) has announced it has contracted to provide development funding for the construction and acquisition of a purpose-built primary care centre in County Wicklow, Ireland for a total cost of €18m.
The acquisition will increase PHP's portfolio to a total of 511 assets, 17 of which are in Ireland, with a gross value of just under £2.5bn and a contracted rent roll of £132m.
The company reported that agreements for lease for an initial term of 30 years have been signed with the Health Service Executive (HSE) and a local GP practice, which will relocate to the centre at Arklow, County Wicklow, on completion.
PHP said that the building, which will comprise an area of 5,333m2, is to be constructed to the new Nearly Zero-Energy Buildings regulations in Ireland.
Managing director Harry Hyman said: 'The property, which is due for practical completion at the end of 2021, will support both the HSE's strategy of healthcare provision in Ireland and PHP's strategy of delivering modern healthcare facilities let on long lease terms to tenants with a secure covenant.
'We have a strong pipeline of opportunities in the UK and Ireland and are well positioned to continue to grow our portfolio and to support the healthcare systems in these markets through the provision of modern, primary care infrastructure.'