Primary Health Properties has bought Irish property management business Axis Technical Services.
The group has also signed a long-term development pipeline agreement in Ireland, giving it access to a strong pipeline of future primary care projects.
Axis currently manages a portfolio of more than 30 properties, including the majority of PHP’s Irish portfolio, as well as providing fit-out, property and facilities management services to the Health Service Executive, Ireland’s national health service provider.
As part of the deal, PHP has signed an agreement with Axis Heath Care Assets, a related company owned by the selling shareholders, which gives the PHP the option to buy its development pipeline over the next five years.
Axis developed five properties over the last five years which were bought by PHP. It also has a strong pipeline of projects with an estimated gross development value of €50m (£44m).
PHP currently owns a portfolio of 20 assets in Ireland valued at €261m.
PHP chief executive Harry Hyman said: “We are delighted to have formalised PHP’s long-standing relationship with Axis, one of the leading developers of primary care properties and the group’s partner of choice in Ireland.
“As PHP’s portfolio in Ireland continues to grow, the acquisition of Axis Technical Services Limited gives the group a permanent presence in the country which we believe is becoming more important as we seek out new investment, development and asset management opportunities and try to strengthen our relationship with the HSE as the leading provider of modern, primary care infrastructure in the country.”
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