(Alliance News) - Primary Health Properties PLC said Monday it has completed the acquisition of Meath Primary Healthcare Centre in Dublin for EUR11.0 million.
The deal was first announced in March.
The acquisition marks Primary Health's 15th asset in Ireland, taking its total portfolio to 484 properties. The portfolio has a gross value of GBP2.3 billion with a contracted rent roll in excess of GBP125 million.
The gross value of the Irish portfolio is expected to be about EUR200 million when current contracted and on-site developments are completed.
"The completion of the acquisition of Meath PCC marks an important addition to PHP's Irish portfolio," said Managing Director Harry Hyman.
He continued: "The property is fully let with the majority of the rental income secured by government backing with a long unexpired term, further enhancing our sustainable, long term income."
Hyman added: "We are delighted to make continued progress in building our portfolio in the Republic of Ireland, a market where we see significant potential due to the need to modernise the primary care infrastructure and widen the provision of healthcare services. We have a strong pipeline of acquisitions in the UK and Ireland and are well-positioned to continue growing the portfolio in both jurisdictions."
Shares in Primary Health Properties were down 0.2% in London on Monday at 136.05 pence each.
Primary Health (PHP)