(Alliance News) - Primary Health Properties PLC on Monday said it has acquired Irish property investment business Axis Technical Services Ltd, strengthening its position in Ireland.
The London-based healthcare facility investor said it also signed a long-term development pipeline agreement "providing access to a strong pipeline of future primary care projects in Ireland".
Axis Technical Services is a Cork, Ireland-based property manager, currently responsible for over 30 properties, including most of Primary health's Irish portfolio.
Primary Health said the acquisition will "further strengthen" its position in Ireland and its relationship with Ireland's national health service, Health Service Executive. The company did not disclose the cost of the acquisition.
The long-term development pipeline agreement, signed with Axis-related company Axis Heath Care Assets Ltd, gives Primary Health the option to acquire Axis's development pipeline over the next five years, the company said.
Primary Health noted that Axis's project pipeline has an estimated gross development value of EUR50 million.
Chief Executive Officer 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] 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."
Primary Health shares were up 0.5% trading at 112.60 pence per share on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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Primary Health (PHP)