La Francaise Real Estate Managers (REM), acquires first Healthcare asset in Ireland.

01 June 2022

Colliers acted for La Francaise REM on the acquisition of Ballintaggart House, Clonskeagh, Dublin 14.

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 property sits on a substantial site, just under 1 acre. 

Ballintaggart House enjoys a superb location in Clonskeagh, being only 5km from the city centre and a 10-minute drive from the M50 and directly opposite University College Dublin. Furthermore, the property sits in a predominantly residential area close to a number of established office parks including: Richview Office Park, Beech Hill and Belfield Office Park. 
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. Virtus Health, the parent company of Sims IVF, are one of the top five providers of fertility treatment in the world with a significant presence in Australia, Singapore, the UK and Denmark. It has over 140 employees in Ireland.  

Michele McGarry of Colliers advised La Francaise REM, acting on behalf of a collective real estate investment vehicle, on the acquisition and Brian Shields of JLL advised the vendor.  La Française REM was also advised by Matheson and Hollis on legal and technical issues respectively.

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, 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.” 
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