Primary Health Properties buys Ireland's Axis for undisclosed sum

23rd Jan 2023 07:12

(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