Primary Health Properties targets €450 million Irish portfolio value amid continued expansion

Primary Health Properties (PHP), a London-listed real estate investment trust focused on primary care assets, has reported that the value of its Irish portfolio rose almost 27 per cent in 2025 to €391 million, with the company on track to breach the €450 million mark as its development pipeline progresses.

The growth was driven by the inheritance of six care centres in the Republic through PHP's acquisition of UK rival Assura, completed in September 2025, alongside the €22 million purchase of the Laya Healthcare facility in Cork.

PHP now owns 28 properties in the Republic, with developments under way in Birr, Co Offaly; Castlebar, Co Mayo; and Youghal, Co Cork. An advanced pipeline incorporating two further projects carries an estimated combined cost of €60 million.

Chief Executive Mark Davies said: "2025 was a transformational year for PHP, obtaining overwhelming shareholder and wider stakeholder support for the combination with Assura plc to create a £6 billion healthcare Reit invested in critical social infrastructure assets across the UK and Ireland."

Rent reviews across 25 Irish tenancies last year produced a 20.9 per cent uplift on the previous passing rent, bringing their combined contracted annual rent to €6 million. The Republic accounted for £21 million, approximately 6 per cent, of the group's £342 million contracted annual rent at year-end.

PHP entered the Irish market in 2016 and operates health centres rented predominantly to the HSE, GPs, and pharmacies under five-year CPI-linked rent review agreements.

The group's overall property portfolio, including joint ventures, now stands at £6 billion across 1,142 assets.

Read the full story by The Irish Times on PHP's Irish expansion strategy and portfolio performance in the complete report.