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September 05, 2018

Dillon Eustace advises on primary care premises sale to PHP PLC

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Dillon Eustace acted as advisor to Jellia Holdings Limited, the sellers on the sale of three modern, purpose built primary care centres in the Republic of Ireland. The sale was structured as a sale of the entire issued share capital in the property holding company. 

Acquired by Primary Health Properties PLC (“PHP”), one of the UK’s leading investors in modern primary healthcare facilities, the three primary care centres are located at Navan Road in Dublin, and in Newbridge and Celbridge, two commuter towns just outside Dublin in County Kildare. The deal was completed for a total cost of €38.6 million (net assets acquired €38.6 million), increasing the gross value of the PHP's Irish portfolio to over €100 million.. 

All three properties are fully let. The HSE, the Irish government’s executive agency, and other government bodies including TULSA & the Kerry Wicklow Education Training Board (“KWETB”) account for circa 63% of the total rent roll at the properties which have a combined unexpired lease term of approximately 21 years.  The balance is from Centric Health, a leading UK and Irish Primary healthcare provider, and pharmacies.

Dillon Eustace’s advisory team included Lorcan Tiernan, Partner and Head of the Dillon Eustace Corporate and M&A Team, with support from Sean Murray, Partner, Tax and Conor Keaveny, Partner, Banking.

Lorcan Tiernan commented: “We have been delighted to have supported our clients from the development of the first Clarington primary care centre in Newbridge through to this ultimate exit. Our involvement in this operation highlights our commitment to the healthcare sector, as well as our ability to service clients across complex multi-disciplinary practice areas.”