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Primary Health Properties Bolsters Irish Operations With Axis Acquisition

PHP has expanded its Irish operations after buying Cork-based Axis.

London-based healthcare facility investor Primary Health Properties has acquired Irish property investment business Axis Technical Services, expanding its position in Ireland.

The company said that 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-based property manager, currently responsible for more than 30 properties, including most of PHP's Irish portfolio.

Primary Health said the acquisition will "further strengthen" its position in Ireland and its relationship with Ireland's national health service.

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, provides Primary Health with the option to acquire Axis' development pipeline over the next five years, the company said.

Primary Health said that Axis' project pipeline has an estimated gross development value of €50M. PHP currently owns a portfolio of 20 assets in Ireland valued at €261M.

"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 CEO Harry Hyman said.

In December 2022, Hyman announced his intention to retire as CEO of PHP at its annual general meeting in 2024, and the company said it expected to announce his successor during 2023.