La Francaise Real Estate Managers has bought its first healthcare property asset in Ireland as it seeks to further diversify its investment strategy.
The French asset manager has purchased Ballintaggart House in Clonskeagh, Dublin 14, for an undisclosed amount.
The three-storey building provides 19,558 sq ft of refurbished, high quality accommodation in Medical clinic use and 57 car parking spaces in the affluent south Dublin suburb. The property also offers good Environmental, Social and Governance (ESG) credentials with a Building Energy Rating of B3, LED lighting and clean renewable energy for electricity.
The building is single let, under a long-term lease, to Sims IVF who are one of Ireland’s leading fertility clinics with two other main locations in Swords and Cork and a further three satellites in Carlow, Dundalk and Limerick.
Colliers advised La Francaise REM, acting on behalf of a collective real estate investment vehicle, on the acquisition and JLL advised the vendor.
Peter Balfour, head of Real Estate UK for La Française Real Estate Managers said: ‘We are looking to diversify our European real estate strategy, adding alternative sectors such as healthcare. Ballintaggart House is our first acquisition in the healthcare sector outside of France. Despite the limited supply, we are confident in our sourcing capabilities and the quality of our partners.’
Michele McGarry of Colliers, said: ‘We are delighted to have concluded on the acquisition of Ballintaggart House. The acquisition demonstrates growing investor appetite for the medical sector, where we are seeing new entrants to the market and limited opportunities available. The investment proposition was underpinned by the quality of the asset, the location, the reversionary potential and long unexpired term.’
