The Irish Infrastructure Fund’s (IIF) Valley Healthcare business has expanded its primary care centre (PCC) portfolio with the acquisition of two sites in Cork and Kerry.
Last year, The IIF, an investment fund managed by AMP Capital and Irish Life Investment Managers, set up Valley Healthcare to invest in primary care centres across Ireland. The IIF was created in 2011 to raise up to €1bn from Irish and international institutional investors.
The IIF said Valley Healthcare has agreed to buy two new construction-ready PCC sites in Clonakilty, County Cork and Listowel, County Kerry for an undisclosed sum.
The sites are the first greenfield sites for the Irish Infrastructure Fund, The IIF said, adding that both sites have planning permission and are ready for construction to begin.
The Irish infrastructure fund said site preparations are already underway at Clonakilty, where works will commence next month on a 25,000sqft site which is due to complete in 2019.
The Listowel centre will be a 20,000sqft centre and its construction, which will begin in the coming months, is also expected to complete in 2019, it said.
Philip Doyle, the principal of the Irish Infrastructure Fund, said: “The PCC acquisitions are an exciting step in the growth of Valley Healthcare and marks an evolution from our prior acquisitions of operational PCCs and completed sites, as by acquiring construction sites we are creating new capacity for the Health Service Executive and delivering convenient, high-quality health services to new communities.”
The latest deal takes Valley Healthcare’s portfolio to six assets. The four other PCCs held in the Valley Healthcare portfolio are located in Counties Kerry, Cork, Wicklow and Mayo.
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