Primary Health Properties has acquired Axis Technical Services Limited, an Irish property management business, and signed a long-term Development Pipeline Agreement providing access to a strong pipeline of future primary care projects in Ireland.
Axis Technical Services Limited, currently manages a portfolio of over 30 properties, including the majority of PHP's Irish portfolio, and the acquisition gives the Group a permanent presence on the ground, further strengthening its position in the country and relationship with the Health Service Executive, Ireland's national health service provider. The acquired company also provides fit-out, property and facilities management services to the HSE and other businesses located across Ireland.
As part of the acquisition, PHP has signed a Development Pipeline Agreement with Axis Heath Care Assets Limited ("Axis"), a related company owned by the selling shareholders, which gives the Group the option to acquire Axis's development pipeline over the next five years. Axis is one of Ireland's leading developers of primary care properties having developed five properties over the last five years which have been acquired by PHP. It also has a strong pipeline of projects with an estimated gross development value of €50m. PHP currently owns a portfolio of 20 assets in Ireland valued at €261m.
Harry Hyman, Chief Executive Officer of Primary Health Properties, commented: "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."