The FTSE 250 healthcare-focused real estate investment trust said it had contracted to provide development funding for the construction of a new primary care centre in Bray, County Wicklow for €22.3mln.
PHP added that 70% of lettable space in the new build would be contracted to the Health Service Executive, the Irish government’s public and health services provider, on a 25-year lease with construction expected to be completed by the autumn of 2019.
The acquisition is PHP’s fifth in the Republic of Ireland and increases its portfolio value in the country to over £1.395bn comprising 310 assets.
Harry Hyman, managing director of PHP, said: "This acquisition will provide a substantial new purpose built PCC in suburban Dublin and reinforces our progress in growing our Irish portfolio, a market where we see significant potential due to the Irish government's commitment to modernise the primary care infrastructure and widen the provision of healthcare services in local communities.
He added: “This acquisition is in line with our strategy of investing in purpose built centres offering a range of healthcare services and with the majority of the income secured against a government backed tenant with a long unexpired term. We have a strong pipeline of acquisitions in the UK and Ireland and are well positioned to continue growing the portfolio in both jurisdictions."