Dillon Eustace advises on €39m sale of three Irish primary care centres

Lorcan Tiernan

The sale was structured as a sale of the entire issued share capital in the property holding company.

The care centres at Navan Road in Dublin, and in Newbridge and Celbridge, have been acquired by UK investor Primary Health Properties PLC for a total of cost of €38.6 million (net assets acquired €38.6 million), increasing the gross value of 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 Tusla and the Kerry Wicklow Education Training Board account for around 63 per cent 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 and pharmacies.

Dillon Eustace’s advisory team included Lorcan Tiernan, partner and head of corporate and M&A, with support from tax partner Sean Murray and banking partner Conor Keaveny.

Mr Tiernan said: “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.”