Saturday 23 September 2017

JLL launches new national healthcare division

Gary Watson is to head up JLL's new national healthcare division
Gary Watson is to head up JLL's new national healthcare division
Ronald Quinlan

Ronald Quinlan

Agents JLL have established a national healthcare division based in their new Dublin headquarters.

With a focus on the primary, hospital, nursing home and retirement housing sectors, the division will be headed up by Gary Watson, who is re-locating from JLL's London office, where he spent the last six years as consultant director with the company's UK national healthcare team.

Allied to his 10 years' experience client-side in Ireland, which included a period as managing director of Barchester Healthcare Ireland, Watson says the timing of JLL's move is opportune as both domestic and international investors seek to capitalise on factors that are creating a more institutional and mature market in Ireland.

Elsewhere within the healthcare sector, the UK-headquartered Primary Health Properties PLC (PHP) has announced its acquisition of its first primary care centre in the Republic of Ireland.

Primary Health Properties ICAV, an Irish investment vehicle wholly owned by PHP, took delivery last week of a new, purpose-built primary care centre in Tipperary following completion of its construction, for a total cost of €6.7 million (net assets acquired €6.7 million).

The centre comprises approximately 2,800 sq m, is fully let and rent-producing. Three quarters of the rent roll is contracted to the HSE for a 25-year lease term. The remainder of the rent roll comes from 25-year leases to a group of GPs and a national pharmacy operator.

The acquisition increases PHP's portfolio to 294 assets, with a gross value in excess of Stg£1.2bn and a contracted rent roll of Stg£67.4m.

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