PRIMARY HEALTH PROPERTIES PLC - Acquisition in Ireland at an attractive and accretive earnings yield of 7.1%

Acquisition in Ireland at an attractive and accretive earnings yield of 7.1%

PRIMARY HEALTH PROPERTIES PLC
(Incorporated in the United Kingdom)
Company Number: 3033634
LSE Share Code: PHP
JSE Share Code PHP
ISIN Code: GB00BYRJ5J14
LEI: 213800Y5CJHXOATK7X11
("PHP" or the "Company")



ACQUISITION IN IRELAND AT AN ATTRACTIVE AND ACCRETIVE EARNINGS YIELD OF 7.1%


PHP, one of the leading investors in modern primary healthcare facilities in the UK and Ireland, is
pleased to announce that it has further grown its Irish portfolio through the acquisition of a state-of-the-
art Health & Wellbeing Clinic with urgent care and diagnostic facilities in Cork, Ireland, for a total
consideration of €22 million, at an attractive and accretive earnings yield of 7.1%.

The property is fully occupied and leased to Laya Healthcare, part of AXA. The FRI lease has an
unexpired term of just over 12 years and benefits from fixed rental uplifts in 2027 and 2032.

The property serves as a bespoke urgent care and diagnostic facility providing some of the most
advanced medical technology available in Ireland, and has been subject to a comprehensive, tenant-
led, €5.5 million fit-out which was project managed on Laya's behalf by Axis PHP, our market-leading
team in Ireland.


Mark Davies, CEO of Primary Health Properties, commented:

"We are delighted to have acquired this state-of-the-art Health & Wellbeing Clinic in Ireland, let to an
excellent occupier who we know well. The asset provides a wide range of healthcare services and is
market leading in both technology and wellbeing. Diagnostics will play a key part in healthcare of the
future and we have acquired this asset through strong local relationships.

We continue to maintain a strong pipeline of Government backed property opportunities in the UK and
Ireland and we are well positioned to continue to grow our portfolio. This acquisition was opportunistic
and is underpinned by an attractive earnings yield and our knowledge of the building and occupier.

This latest addition to PHP's portfolio reinforces our commitment to investing in high-quality, sustainable
healthcare infrastructure."

Notes to Editors

Primary Health Properties (LSE and JSE: PHP) is a leading investor in modern primary healthcare
properties across the UK and Ireland. Since listing on the London Stock Exchange ("LSE") in 1998, it
has created progressive returns for shareholders through a combination of rental growth and capital
appreciation, generating 29 years of consecutive dividend growth.

Its primary listing is on the LSE (Equity shares (commercial companies) category) and is included in the
FTSE 250 Index. It has a secondary listing on the JSE and is included in the FTSE/JSE All-Share index
and All-Property index.

The Group owns and manages a £2.8 billion portfolio of 517 healthcare assets, including 22 in Ireland
that generate strong, high quality rent roll of over £155 million following completion of the above
acquisition. Its internal management team delivers sector-leading financial management, with one of
the lowest peer cost ratios. In particular PHP is positioned for growth in the emerging Irish market
following its 2023 acquisition of Axis Technical Services, the Irish property management business to
create Axis PHP in Ireland.

PHP's long-term leases offer unique security with c.90% of rental income directly or indirectly backed
by the government, via the NHS in the UK or HSE in Ireland. Growing and ageing patient populations
are placing increasing and significant pressure on the government's under-invested healthcare
systems; the provision of better front line primary care offers a proven solution. The Board has a strong
commitment to responsible growth and has set out a clear plan to transition operational, development
and asset management activities to Net Zero Carbon by 2030.

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


Further details:
Mark Davies                                                     Richard Howell
CEO                                                             CFO
Tel: +44 (0) 20 3824 1841                                       Tel: +44 (0) 7766 072272


Mark Court/Stephanie Whitmore/Verity Parker/Jesse McNab
Burson Buchanan
T: +44 (0) 20 7466 5066
E: php@buchanan.uk.com



United Kingdom
28 February 2025


Sponsor: PSG Capital

Date: 28-02-2025 09:01:00
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