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Primary Health Buys Axis Technical Services; Signs Long-term Deal With Axis Heath Care Assets

Primary Health Properties Plc (PHP.L) Monday announced that it has acquired Axis Technical Services Ltd., an Irish property management business.

As part of its efforts to further strengthen position in Ireland, the company also signed a long-term Development Pipeline Agreement with Axis Heath Care Assets Limited, a related company owned by the selling shareholders. This will provide access to a strong pipeline of future primary care projects in the country.

With this, Primary Health Properties will have the option to acquire Axis's development pipeline over the next five years.

The British investor in primary healthcare facilities noted that Axis Technical Services currently manages a portfolio of over 30 properties, including the majority of PHP's Irish portfolio. The acquired company also provides fit-out, property and facilities management services to the HSE and other businesses located across Ireland.

The acquisition is expected to further strengthen the company's relationship with the Health Service Executive or HSE, Ireland's national health service provider.

PHP currently owns a portfolio of 20 assets in Ireland valued at 261 million euros.

Harry Hyman, Chief Executive Officer of Primary Health Properties, said, "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."

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