Primary Health Regulatory News (PHP)

9 May 2018

Primary Health Properties PLC

Republic of Ireland Acquisition

Primary Health Properties PLC ("PHP"), one of the UK's leading investors in modern primary healthcare facilities, announces that it has acquired a modern, purpose built primary care centre in the Republic of Ireland.

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, has acquired the Mountmellick Primary Healthcare Centre ("Mountmellick") for a total cost of €5.80 million (net assets acquired €5.80 million).

The centre comprises of circa 1,600m2 and there is a separate pharmacy of circa 230m2 with both elements being fully let. The Health Service Executive ("HSE") accounts for circa 65% of the total rent roll and the combined unexpired term certain is circa 18.50 years. The HSE is the government's executive agency which provides Ireland's public health services in communities across the country.

This acquisition, PHP's fourth in Ireland, increases PHP's portfolio to a total 308 assets, with a gross value of over £1.375 billion and a contracted rent roll of over £73.5 million. The gross value of the Irish portfolio is now in excess of €40m.

Harry Hyman, Managing Director of PHP, commented:

"We are delighted that our portfolio in Ireland is continuing to grow and that our acquisition programme is gathering momentum. We remain committed to the continued growth of 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. Mountmellick is a well-placed modern primary care centre providing local integrated care via the HSE, GPs and pharmacy. The majority of the income is secured against a government backed tenant with a long unexpired term and is therefore substantially in line with our target acquisition profile. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions."

More information on Primary Health Properties PLC can be found on www.phpgroup.co.uk

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