Primary Health Properties has agreed to acquire Ireland’s first Enhanced Community Care (ECC) facility at Ballincollig, near Cork, Ireland, for €29.64 million.
The property is fully let to the Health Service Executive (HSE) on a 25-year lease and benefits from five yearly, compounded annually, Irish CPI indexed rent reviews.
The Government led ECC programme is a €240 million initiative to enhance and increase community-based health services aimed at reducing pressure on hospital services in Ireland. The building will provide a variety of services primarily to support elderly care and those suffering from a variety of chronic diseases including cardio, respiratory and endocrine issues.
The building has strong ESG credentials, with a BREEAM rating of “Very Good” and a Building Energy Rating of A3 equivalent to a Near Zero Emission Building (NZEB) status. In addition, it benefits from solar roof panels and an air source heat pump. The property will have a strong social impact helping to support the HSE to deliver health and wellbeing in a community setting.
The property will be managed by Axis Technical Services, PHP’s Irish property management business, and the acquisition will increase PHP’s portfolio to 514 assets, of which 21 are in Ireland, with a contracted rent roll of over £149 million.
Harry Hyman, Chief Executive Officer of Primary Health Properties, commented: “We are delighted to have acquired another modern purpose-built facility which represents our largest single investment in Ireland to date.
“Ireland continues to be the group’s preferred area for future investment where the property investment market continues to remain attractive and is accretive to earnings, being less affected by the ongoing interest rate and economic outlook in the UK.”
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