Primary Health Properties PLC (LSE:PHP, OTC:PHPRF) (PHP) has acquired Axis Technical Services Limited, an Irish property management business, with an agreement to develop sites in Ireland signed with related company Axis Health Care.
Axis currently manages a portfolio of over 30 properties, including the majority of PHP's Irish portfolio, and has developed five properties over the last five years that have been acquired by the FTSE 250 group.
Projects under development by Axis have an estimated gross value of €50mln, while PHP currently owns a portfolio of 20 assets in Ireland valued at €261mln.
Harry Hyman, PHP’s chief executive, 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."