Primary Health Properties to acquire Enhanced Community Care facility at Ballincollig

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Primary Health Properties plc (PHP) has announced that it has agreed to acquire Ireland’s first Enhanced Community Care (ECC) facility, for a total consideration of EUR29.64 million (US$32 million) at Ballincollig, Cork, Ireland. 

The property is fully leased to the Health Service Executive under a 25-year agreement, featuring five-yearly compounded annual rent increases. The government-led Enhanced Community Care (ECC) program, valued at EUR240 million (US$257 million), aims to enhance and expand community-based healthcare services, with the goal of alleviating pressure on hospital resources in Ireland. The facility will offer a wide range of services primarily focused on supporting elderly care and individuals dealing with various chronic conditions, including cardiovascular, respiratory, and endocrine issues. This property boasts robust ESG (Environmental, Social, and Governance) credentials, with a "Very Good" BREEAM rating and an A3 Building Energy Rating, equivalent to Near Zero Emission Building status. It also benefits from solar roof panels and an air-source heat pump. 

Axis Technical Services, PHP's Irish property management subsidiary, will oversee the property's management. This acquisition will expand PHP's portfolio to 514 assets, including 21 in Ireland, with a contracted rent roll exceeding GBP149 million (US$186 million). 

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