The company has acquired a medical centre in Liverpool for £4.6mln and agreed to fund a new centre in Ireland to the tune of €12.6mln
() has acquired a medical centre in Liverpool and has also agreed to fund a new centre in Ireland.
The investor in primary healthcare facilities said it has acquired a standing let investment in West Derby, Liverpool for £4.6mln and contracted with a developer to fund the development and acquisition of a purpose-built primary care centre in Enniscorthy, Co Wexford, Ireland.
The West Derby Medical Centre is a modern purpose-built medical centre constructed in 2016 that is leased to a substantial general practitioner (GP) practice, with a patient list of more than 13,000, and a pharmacy.
The development funding for the construction of the Enniscorthy Primary Care Centre is €12.6mln.
Agreements to lease the centre have been entered into for an initial term of 25 years with the Health Service Executive and a local GP practice and further leases are anticipated to be agreed with TUSLA (Ireland’s Child and Family Agency) and a pharmacy, prior to practical completion of the building anticipated in the first quarter of 2022.
The acquisition will be accretive to the overall weighted average unexpired lease term (WAULT) of the company’s portfolio and provide for a strong government-backed covenant, Primary Health Properties said.
These two transactions will increase Primary Health Properties’ overall portfolio to a total of 513 assets, of which 18 are in Ireland. The portfolio has a contracted rent roll of about £135.3mln, a WAULT of more than 12 years and an occupancy rate of 99.5%.
“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. 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,” said Harry Hyman, the managing director of Primary Health Properties in a statement.
Read More: Primary Health Properties PLC announces two transactions