(Sharecast News) - Primary Health Properties has bought Irish property management business Axis Technical Services and signed a long-term agreement providing access to a strong pipeline of future primary care projects in Ireland, the company said on Monday.
Axis manages a portfolio of more than 30 properties, including the majority of PHP's Irish portfolio, it added. No financial details were disclosed.
"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," PHP said.
Axis also provides fit-out, property and facilities management services to the HSE and other businesses located across Ireland.
As part of the deal, PHP has signed a development pipeline agreement with 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.
Reporting by Frank Prenesti for Sharecast.com
Primary Health (PHP)