Primary Health Properties sees growth through Irish portfolio expansion

Primary Health Properties (PHP), a UK-listed healthcare real estate investor, reported strong performance following its 2025 acquisition of Assura, which expanded its portfolio to 28 medical facilities across Ireland. The merger created a £6 billion healthcare real estate investment trust.

Rent reviews across the combined portfolio generated an additional £8.3 million in annual income, with Irish indexed leases delivering a 20.9 per cent uplift, equivalent to 4.1 per cent on an annualised basis. Developments under way in Birr, Castlebar, and Youghal are expected to complete between 2026 and 2027.

The acquisition followed UK competition clearance in October 2025, and PHP noted that around 60 per cent of the £9 million of annualised cost synergies identified at the time of the deal were delivered within two months.

Mark Davies, CEO of PHP, described 2025 as a “transformational year” for the group. He said, “Our immediate focus is now on delivering the post-transaction objectives of reducing leverage back to our targeted range of 40 per cent to 50 per cent; delivering the £9 million of annualised synergies identified; and integrating the two businesses to achieve the best of both organisations.”

He added, “We have made good progress on delivering against the above objectives and we expect to report further progress with the group's full year results.” Davies also welcomed the NHS’ ten-year health plan, highlighting alignment with PHP’s expertise in modern, community-based primary care facilities.

The company emphasised its three-decade record of consecutive dividend growth, with Davies noting, “We have now achieved PHP's 30-year anniversary of consecutive dividend growth and approach the future with a dedicated determination to continue growing our dividend on a fully covered basis.”

Discover the full story on PHP’s Irish expansion and its impact on the healthcare property market.

Photo credits to Primary Health Properties LinkedIn