Irish Infrastructure Fund adds two Primary Care Centres to Valley Healthcare

By AMP Capital media team

Valley Healthcare has completed the acquisition of Mitchelstown Primary Care Centre (PCC), an operating PCC in County Cork. The agreement follows the acquisition of a new PCC in Tralee, County Kerry in December 2017.

Valley Healthcare is owned by the Irish Infrastructure Fund, co-managed by Irish Life Investment Managers and AMP Capital. It currently owns two operational PCCs in Wicklow and Mayo, which were acquired in February 2017. Primary care centres offer patients in local communities a full range of non-critical healthcare and social services, reducing pressure on full-service hospitals.

Valley Healthcare acquired Mitchelstown PCC in April 2018. The 20,000 square foot centre is occupied by the Health Service Executive (HSE), a GP practice and other health related service providers.

The other recently acquired PCC is CentrePoint, a 105,000 square foot facility in the heart of Tralee, County Kerry. To date the Centre has acted as a public service hub for the local community. A 42,000 square foot space has been designated for use by the HSE to provide a comprehensive array of primary care services. Fit-out works are underway to accommodate the HSE services and GP practice. Valley Healthcare plans to over time bring in additional health-related service providers.

Philip Doyle, Fund Manager of the Irish Infrastructure Fund, said: “The Irish Infrastructure Fund invests into assets and businesses which support the Irish economy and provide essential services to the community. We develop and invest in infrastructure across Ireland, including rural areas and regions where the availability and quality of infrastructure and services require improvement.

“The acquisition and development of these sites will make high quality healthcare available to the local communities of Tralee and Mitchelstown.”

Glencar Healthcare manages Valley Healthcare. Bringing expertise in healthcare management, it is responsible for developing and managing the centres.

Professor Brendan Drumm, chairman of Glencar Healthcare, stated: “Glencar Healthcare is delighted to have the opportunity to work with Valley Healthcare and the Irish Infrastructure Fund in providing state-of-the-art healthcare facilities across Ireland. The centres in Mitchelstown and Tralee provide superb infrastructure to underpin the work of the highly skilled healthcare professionals working in these communities.”

The services provided in the centres alongside the general practitioners will include mental health, occupational therapy, physiotherapy, dental, speech and language therapy and audiology.

Philip Doyle added: “The addition of these two PCCs to Valley Healthcare’s business reflects the strong investment opportunity we see in the healthcare sector. Valley Healthcare is a platform through which we are delivering a regional healthcare offering in Ireland, utilising AMP Capital’s infrastructure management expertise to deliver excellent services while generating stable returns for our twenty-five investors.”

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Important notes

While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455)  (AMP Capital) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without the express written consent of AMP Capital.

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