Primary Health Properties (PHP) has acquired a let investment property in Bolton and has also contracted with a developer to fund the development and acquisition of a primary care centre in Banagher, County Offaly, Ireland. 

PHP has contracted to provide development funding for the construction of the property in Banagher for a total cost of €5 million which will be wholly owned by PHP ICAV upon its completion. 

On practical completion the property will be let for an initial term of 30 years to the Irish government’s Health Service Executive and the Banagher family GP practice.

This acquisition will increase PHP’s portfolio to a total of 488 assets, of which 16 are in Ireland, with a gross value of just under £2.4 billion and a contracted rent roll of approximately £127 million.  

The investment property in Bolton is fully let to NHS Property Services, two GP practices with a combined patient list of 13,500 and a pharmacy. The net consideration for the property will be £8 million.

Harry Hyman (pictured), managing director of PHP, said: “We are delighted to announce these transactions, which are part of a strong pipeline of projects which the group is pursuing at present in the UK and in Ireland, funded with the proceeds of our recent successful £100 million placing. We 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.”

*Sister companies of HealthInvestor UK have an interest in PHP